Q&A with Libby Guthrie – What is a Pre Foreclosure?
Have you ever wondered what pre-foreclosure means?
Sometimes, buyers will call me up and say, “Libby, I’ve seen a home on the internet and it says it’s pre-foreclosure. I think I can get a bargain if I go after that property. Can you find out more about it?”
I said, “well one thing you want to remember that a pre-foreclosure is when a notice of default has been filed on the property and then the notice of trustee sale is filed and then there’s a 21-day publication period after that. The quickest it could go to pre-foreclosure would be about a four-month process.”
If you go and knock on the door and disturb anybody if they’re living there, they might be pretty upset because they’re probably working with their bank to cure their default and maybe they’re behind a couple of payments and that’s it and they just need to get back on their feet.
So don’t necessarily think a pre-foreclosure is actually going to go to the foreclosure.
If you have questions about your own situation, call Libby at 925-628-2436