[carr51]

So right now im 21, own a paid off vehicle, pretty decent credit, im in school, and looking to move into a full time job in my career field. Since the market is the way it is I feel I am in position to move into a decent house for a decent price. If it needs a couple fix ups I am pretty knowledgable when it comes to everything but electricity.

My question is in our town there are a ton of PREforclosed homes that are listed. What exactly does this mean? Can I make an offer on a house that is preforeclosed or do I have to wait for foreclosure?

Any help is appriciated.

[Davejb]

Maybe it means they save you the headache of the year or 2 of trying to make or keep up with your mortgage payments and forclose as soon as you sign the papers?

[SmithersGS]

You can certainly offer to buy, foreclosure hasn't happened. Many people will be eager to avoid foreclosure by selling; you will need to have your loan and everything ready because they will most likely want to move quickly rather than haggle on price.

[Indy]

It just means that they are behind in their payments and covering a legal disclosure that any offers have to be accepted by their mgt. company rather than just the seller. If they don't disclose and the bank kills the deal, which they can, the listing Realtor is in trouble. It doesn't mean, in any way, that they can or will sell for pennies of what's owed. No matter what, the bank has to get paid off or they won't allow the title to transfer.