Actually they are taking the "title" back from the owner.The term "pre" foreclosure (depending on the state) is the time period a lender must go through where the foreclosure process is actually a public record, up to the date the lender legally obtains title to the property.So the correct terms would be:Pre-foreclosure - Public notice has been filed where the lender initiates reoposession of TITLE from the current homeowner.Foreclosure - After a lender has completed the legal process and they now hold the title and are the legal owners.

When I find a distressed property that the bank has taken possession of, but not yet for sale, how do I get ahead of everyone to make the offer?

3) Should I go ahead with my plans?

The best bang for your buck is making it clean and liveable with no noticable defects.

Then, I noticed no one had voted for my post in this thread on the same subject!

Unless you totally understand the building process and how it works, you will have a hard time ahead.

Notices to Tenants, Owner, or Management Company - how handled. 0.

., your PM should have given them a notice to pay or quit.

I think its just because an empty house is more likely to have issues and nobody is around to notice.

We signed a 6 month agreement with the right to end contract with a 30 day notice.