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What is a pre-foreclosure?

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JTsyo

JTsyo

Lifer
Looking at homes online, I ran into one that was in pre-foreclosure. Does that mean the owner is trying to sell it? How would that be different from a regular sale? The house didn't have a MLS listing or anything though.
 
It probably means that the current owner is in default and is going to be foreclosed on if they can't sell the home. Depending on what they owe, you could get a pretty sweet deal. These can turn into short sales, where the owner is trying to sell the house and cannot generate more than the house is worth, so the bank has to agree to take a loss.

 
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