Isn't A Pre-foreclosure The Same As A Short Sale?
Hello everyone, I'm new to the site and find myself wondering if the short sale people talk of here is nothing more then a preforeclosure. What is not the same?? Both deal w/ the lender before it gets foreclosed, both you try to buy for lower then what is owed (we always do that). I don't see why there are two titles to doing the same thing. Any thoughts????
In a pre-foreclosure, there is a delinquency. A short sale is a way to purchase a pre-foreclosure. The seller is usually more motivated to sell in pre-foreclosure. They are trying to save credit, and avoid losing their home.
Pre-foreclosure is the situation... a short sale is a way of buying their equity. i think.
8-)
Preforeclosure describes the status of the delinquency/default/foreclosure action.
One could have a conventional purchase during the preforeclosure phase.
A preforeclosure short sale is a specific acquisition technique....