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What Pre-Foreclosure Means
Lisa Loper of the Scott Loper Team explains a frequently misunderstood term in the real estate market.
We frequently have buyers asking us about pre-foreclosure homes that they found on the internet. There are many sites that will give consumers this type of information. Most of these homes are not listed for sale, but some buyers want to know if they can still see the property with the possibility of buying it. Pre-foreclosure simply means that a homeowner has fallen behind on their mortgage payments. And while a foreclosure may eventually happen, at the current time, the home is still rightfully owned by the mortgagor (i.e. homeowner). It does NOT mean that the home is available for sale. In fact, that home may never be available for sale. In most cases, a homeowner does NOT want to sell OR lose their home to a foreclosure. The …
