Pre market foreclosure

[Stephen Kiser]

I'm curious if a home is "pre foreclosure" does that mean someone still lives in that house? If so could you contact them and make an offer to maybe help them walk away with something and you get a good deal at the same time? I'm not sure how this works. Thank you pros for being patient with this newb lol

[John Horner]

Originally posted by @Stephen Kiser:

I'm curious if a home is "pre foreclosure" does that mean someone still lives in that house? If so could you contact them and make an offer to maybe help them walk away with something and you get a good deal at the same time? I'm not sure how this works. Thank you pros for being patient with this newb lol

 I do a ton of marketing in Columbus, Ohio, and my experience has been that the overwhelming majority of people who call in pre-foreclosure have waited entirely too long.

You have to remember that usually they have to be 90 days late for the pre-foreclosure to even get recorded, and at that time they are already 3 months behind on mortgage payments, taxes and have probably accrued late fees and fines.

I have had so many people call me who could have listed their property retail a year ago but never did, and now they have racked up $20k in back payments and fees that they are underwater.  It's a shame when people don't try to help themselves until they are issued an auction date.