A pre-foreclosure is just what the name implies. It simply means that the home owner has defaulted on their mortgage payments and their lender has filed a document with the county Registry of Deeds Office putting the homeowner and the world on notice that it’s the lenders’ intention to proceed with foreclosure should the homeowner not bring the mortgage current. Websites like RealtyTrac and Zillow supply these pre-foreclosures on their websites and people think that these homes are available to see and purchase. This is not the case in any way, shape or form. It’s just information that websites have received from public records and pumped to their website to generate traffic to their site. This saves you the time of trying to find out who may be foreclosed upon by going to the registry of deeds and looking through hundreds of records. These homes could be years away from being foreclosed on, the homeowner could file bankruptcy or pay their mortgage current. I’ve seen Realtors and people post on the websites that suggest potential home buyers walk up to the house, knock on the door and ask the homeowner if they want to sell their home! How ridiculous is this advice? Do you know how angry and embarrassed that homeowner would be? What reception would you give someone who walked up on your house and says “hey, I heard you’re losing your house – can I buy it?” Pre-foreclosures are NOT FOR SALE. Don’t subscribe to a website, pay for the service to receive notifications of pre-foreclosure – it’s a waste of money and a gimmick. Most of these properties are underwater which is why they are in default. Not to mention if you have to be aware of any and all liens on the home on top of the mortgage. If they aren’t paying their mortgage, they aren’t maintaining the home and they probably have liens on the house. These are not the bargain and I highly doubt you know of anyone who was able to purchase a pre-foreclosure successfully – if at all.
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