Can someone help me understand Pre-Foreclosures?

[Racquel Welch]

There seems to be a lot of Pre-Foreclosures in my area. And with prices so ridiculously high right now, they seem to be the only ones in my price range. However, my Realtor has told me I can’t buy them. Anyone available to give me the short explanation of why?

TYI

[Chad U.]

Originally posted by @Jason Pedersen:

Originally posted by @Minna Reid:

I assume you are looking at Zillow pre-foreclosures. Zillow reports these publicly to get buyer leads to sell to agents. They are not actually for sale.

Yeah, Zillow is riddled with them in my area as well, and I suspect pretty much everywhere. It means the owner has missed one of their mortgage payments, right? But not necessarily going to be moving into foreclosure?

No not if they missed a payment, lenders do report this on an individual property basis.  Its generally either a Notice of Default or Lis Pendens has been filed with the county, and Zillow flags these.  So the borrower is typically 120+ days at this point.