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Community Questions: Pre-foreclosures

A reader of The Bank Foreclosure Guide site ask: “If a home is pre-foreclosure, how can we see the home, and/or make a bid on the home? I am a real estate agent that one of my regular customers has asked about. “

Basically, the answer is the only person that can agree to showing a pre-foreclosure is the current owner. A pre-foreclosure is not yet owned by the bank and can’t be shown by the bank. Depending on the state in which the property is located, a bid may be able to be placed on the property at the foreclosure sale, however, it would be rare that the interior of the property could be viewed prior to bidding. In addition, these sales are likely only cash with no contingencies such as inspections allowed.

Unfortunately, the best method to buy a home such as this is to watch the property and schedule a showing when it goes on the regular market. Buying prior to this increases the risk of items such as property condition and title.

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