If a house is listed as pre-foreclosure, is it for sale? - Zillow

Zillow provides data on two kinds of "pre-foreclosures"...
1) 90 day late notice (required to be sent by law, and made public record).? That means 3 mortgage payments missed...? Most of those get "corrected" before it ever gets close to a "foreclosure sale".

2) Auction date set... If not corrected before the auction date (payments caught up....), it is sold at public auction.? Often the lender will buy it back to sell as an REO as no one wants to pay what is still owned...

If you check for "auction" on the search listings, you can check for the auction date, and buy at the auction if you want to learn that process.? Or you can just wait until it is put back on the market as an REO (Real Estate Owned).

One should be aware... Zillow doesn't do any automatic date checking, so if the auction date is already passed, most likely the missed payments issue was already resolved.

Source: http://www.zillow.com/advice-thread/If-a-house-is-listed-as-pre-foreclosure-is-it-for-sale/504879/

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