Zillow "Pre-foreclosure" status

[James Palassis]

Zillow is showing a home in the neighborhood next to my primary residence (literally one tenth of a mile away) in "pre-foreclosure" status. It states the loan is in default and even gives the foreclosure attorney's name and number. However the home is well kept with the grass cut, no for sale sign in the yard, and it seems the owners take pride in the appearance (decorations on the front door). Does anyone have experience with the pre-foreclosure listing in Zillow? How reliable is it? Is this an opportunity for me to jump on a distressed property before it gets to market?