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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!** **
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