What is a Pre Foreclosure Home Sale?

And Why are Foreclosure Sales Dwindling?

If you are looking for homes for sale before they go into Foreclosure, there are different ways to describe a pre-foreclosure.  In Sonoma County and the Santa Rosa, Windsor, Rohnert Park/Cotati area many homes for sale are in the PreForeclosure stage of sale. What this can mean is if a "Short Sale" has been requested from the seller asking the bank to sell short of the loan on the home.

Other Preforclosure sales are the homes and real estate you read about being sold on the court house steps. These are properties banks try and get sold prior to taking the property over and having to go through a long and arduous sale process.

Banks are starting to sell short because many loans are FHA and with the new flipping rule they are precluded from taking an offer from a buyer unless it occurs on the 91st day after transfer.

Finding pre foreclosures can be as easy as finding vacant properties which have been abandoned. Some people are driving around looking for brown lawns and debris left strewn around the lot.

We are seeing an increase in pre-foreclosure homes come to market in areas usually known as stable neighborhoods. Santa Rosa market is flooded with short sales driving clients and Realtors crazy.

PreForeclosures are starting to show up in the higher end end homes for sale. Santa Rosa and Sonoma County are starting to see them more and more. View pre foreclosures here.