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I saw a condo for sale as a "pre-foreclosure". It's asking for $450K but under the pre-foreclosure information it listed outstanding payment as $18K and the original loan was just under $250K.
My question is what's a good offer to buy this property? Is there an advantage to offer to buy with "all cash"? If so, will the bank consider an all cash offer for the original loan balance? I am thinking by-pass my buyer agent and reach out directly to the listing agent so he gets both ends of commission.
Is pre- foreclosure simply a version of potentially “coming soon”? The houses aren’t even for sale in my limited opinion. Are we just being invited to seek out the owner to see if they would be interested in selling?
Is pre- foreclosure simply a version of potentially “coming soon”? The houses aren’t even for sale in my limited opinion. Are we just being invited to seek out the owner to see if they would be interested in selling?
Well, it's listed on Zillow with a listing agent contact information.
I saw a condo for sale as a "pre-foreclosure". It's asking for $450K but under the pre-foreclosure information it listed outstanding payment as $18K and the original loan was just under $250K.
My question is what's a good offer to buy this property?
That's for you to decide based on your investigation of nearby property sales comparables.
Quote:
Originally Posted by HB2HSV
Is there an advantage to offer to buy with "all cash"?
There's always an advantage to buy with all cash.
Quote:
Originally Posted by HB2HSV
If so, will the bank consider an all cash offer for the original loan balance?
Huh? The bank's not involved at this point. You'd be dealing with the homeowner and/or the homeowner's agent.
So I looked online for an answer to your question. Pre-forclosure means only that the owners (and public) have been notified that they are behind on their mortgage payments and the lender will be starting to take action. The house is not for sale. It might never be for sale. And it will take a while to get foreclosed, while up to the last minute the owner might be able to catch up on payments.
I suspect the "agent" is not the owner's agent at all, just someone fishing for clients in general.
Zillow collects and publishes that info so they can collect buyer leads to sell to agents. The seller is not advertising his home as a "pre-foreclosure" .
Well, it's listed on Zillow with a listing agent contact information.
I'd call a realtor and research the market. If the market is getting, say, 93% of asking price. I'd probably go with a little lower than than to start.
I saw a condo for sale as a "pre-foreclosure". It's asking for $450K but under the pre-foreclosure information it listed outstanding payment as $18K and the original loan was just under $250K.
My question is what's a good offer to buy this property? Is there an advantage to offer to buy with "all cash"? If so, will the bank consider an all cash offer for the original loan balance? I am thinking by-pass my buyer agent and reach out directly to the listing agent so he gets both ends of commission.
Pre-foreclosure is a tactic to gain more names into their database that they can then exploit, sell, and cold call.
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