What Does “Pre-Foreclosure” Mean?

So you’re sitting at home and going through Zillow getting incorrect Zestimates on listings and you see a home that says “Pre-foreclosure.”

Your eyes light up because the home is beautiful and the “Zestimate” price seems too good to be true but you want to see it. So you text your agent the link and let them know you want to see it this weekend.

Not so quick! Let’s take a minute to understand what pre-foreclosure means when you see it on a potential listing.

Long story short, pre-foreclosure is just a notation that someone has missed a payment or two on their home. By no means is the home listed For Sale or on the market. Now, if you want me to, I can walk up to the door and present the seller with a very nice offer on your behalf.

Zillow gets their information from many different sources for their website and this is just one of those pieces of information they have. Even if the home was to be put on the market for sale, it would probably go to court first and there are plenty of opportunities for the owner to get back on track and make up the payments they are behind.

I always tell clients who are searching third-party sites for homes to make sure the listing says “For Sale “ or “For Sale by Owner” at least. Those homes would include any foreclosures and bank-owned homes as well as your traditional on-market homes by an agent.

Reach out to me for additional home buying and selling information. #WillieDavisRealtor