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While browsing listings on sites like Zillow and Trulia, you might come across ones that are “pre-foreclosed.” What does that mean? The owner is behind on their payments. The bank makes this public after three months. A majority of the time, these properties will never actually come on the market! Don’t get your hopes up if you fall in love with a pre-foreclosed home.
If the homeowner cannot make their payments and the foreclosure falls through, however, it will be available on the market for sale. It will be a traditional sale if they have equity in the home. If not, it will become a short sale. Contact a Realtor to conduct research if you happen to be interested in foreclosure property.
If you have any questions, or if you’re interested in a foreclosure, give us a call or send us an email. We’d be happy to serve your real estate needs in the Tacoma area!
While browsing listings on sites like Zillow and Trulia, you might come across ones that are “pre-foreclosed.” What does that mean? The owner is behind on their payments. The bank makes this public after three months. A majority of the time, these properties will never actually come on the market! Don’t get your hopes up if you fall in love with a pre-foreclosed home.
If the homeowner cannot make their payments and the foreclosure falls through, however, it will be available on the market for sale. It will be a traditional sale if they have equity in the home. If not, it will become a short sale. Contact a Realtor to conduct research if you happen to be interested in foreclosure property.
If you have any questions, or if you’re interested in a foreclosure, give us a call or send us an email. We’d be happy to serve your real estate needs in the Tacoma area!
