馃攳
What does pre foreclosure mean on Zillow? - YouTube
Channel: unknown
[0]
did you know that not everything on
[1]
zillow is for sale
[3]
or for rent stay tuned i'll tell you why
[6]
being a real estate professional and
[8]
someone that handles
[10]
a lot of bank owned properties um zillow
[12]
has kind of dillo has kind of deemed me
[14]
as a foreclosure specialist which i'm
[15]
grateful for
[16]
um but with that comes some things that
[19]
happens
[20]
so quite often more times than i can
[22]
count uh someone who is searching on a
[24]
property for zillow is kind of like you
[25]
know what hey
[26]
i see this properly let me go ahead and
[28]
reach out to reach out to the agent here
[30]
um because i want to go see this house
[32]
i'm interested in buying this house so
[33]
we're checking into mls we're talking
[35]
different tax records we're checking all
[36]
over the place trying to find this
[38]
property
[39]
um and then sometimes for me it just
[41]
clicks let me check
[42]
zillow so what happens is zillow has a
[44]
section where called
[45]
pre-foreclosures i'm going to be
[47]
dropping a video uh
[49]
here when i'm actually going to show you
[50]
on a desktop how to go and search and
[52]
find
[52]
pre-foreclosures so for your investors
[54]
out there this might be a really really
[56]
great way for you to go ahead and
[57]
purchase a property
[58]
so i jump on i check zillow
[61]
lo and behold it's a pre-foreclosure so
[63]
what a pre-foreclosure actually is
[65]
is a person who owns a home they fall in
[68]
behind on a mortgage payment times get
[70]
rough we understand how it is
[72]
um so when a property owner falls behind
[75]
and that first mortgage payment gets to
[76]
120 days
[78]
and that's 120 days here in pennsylvania
[81]
different states are going to have
[82]
different rules so you might want to
[83]
contact a agent who handles reo
[86]
properties
[87]
or do a little research on yourself and
[88]
you can find out what it is for your
[89]
particular state but in pennsylvania
[91]
it's 120
[92]
a lot of places it's 90 90 days or 90
[95]
first days when they can file so
[96]
anyway the bank goes ahead and they
[98]
filed with the courthouse i'm saying
[100]
like hey
[101]
this person's not paying the mortgage i
[102]
need to go ahead and start the eviction
[104]
process
[104]
or start the foreclosure process so once
[107]
they go ahead and do that
[109]
um what's going to happen is they're
[110]
going to get served what's called a
[112]
notice of sale
[113]
so this notice to sell gets posted in
[115]
the courthouse zillow
[117]
finds these notices and that's when they
[118]
go ahead and start to put these
[119]
properties up on the market
[120]
well put these properties on zillow
[122]
they're not on the market
[124]
so just because because a home is on
[126]
zillow doesn't mean that it's on the
[127]
market it's not on the mls it's not on
[129]
the auction site
[130]
so next step after that or the next
[133]
thing i need to tell you about is
[134]
so once that is actually served a person
[136]
still has up until and once again in
[138]
pennsylvania they have up until one hour
[140]
before the auction um that they can
[142]
actually
[143]
get redemption so they can actually
[144]
reach out to the bank and get everything
[146]
squared away
[147]
where they can keep that property so a
[148]
lot of people don't realize this but
[149]
banks don't really want to foreclose on
[151]
your home
[152]
so getting off topic i'm sorry when it
[155]
comes to this real estate stuff i get
[156]
really excited and i can ramble ramble
[157]
ramble
[158]
and i'm trying to keep this short
[159]
because i know you want your information
[160]
now so let me get back to it
[164]
zillow picks up the fact that it's
[165]
actually a pre-foreclosure a notice of
[166]
cell has been filed
[168]
they post it on their website like hey
[170]
this property may become available
[172]
you know get up on it you know zillow
[174]
i'm all about you come to my website
[176]
for you to find more information on the
[177]
home for you to go ahead and purchase so
[180]
but even though the notice of purchase
[182]
notice of cell has been posted to the
[184]
website
[184]
and zillow picks it up doesn't mean that
[187]
the home is actually for sale
[189]
we can't drive by the house to take a
[191]
look at it you can knock on the door
[193]
when you could but you shouldn't so
[195]
these homes are not really available for
[196]
sale than a lot of
[198]
homeowners who may not have gotten
[200]
caught up yet but they plan to
[201]
might get a little bit upset that they
[202]
have people calling them to have people
[204]
knocking on the door and things of that
[205]
nature so
[207]
once um the nose for sale is there and
[210]
the
[211]
property goes to auction status at that
[213]
point that home is
[215]
might be a little bit closer to being
[217]
available and what i mean by that is
[220]
even though an auction date has been set
[222]
you have to understand that
[223]
nine times out of ten that auction day
[225]
is gonna take place
[227]
a lot of times doesn't really go through
[228]
it's gonna get postponed things that
[230]
nature
[230]
seller gets caught up or
[234]
at the actual auction you're going to be
[236]
buying the home as
[237]
is sight unseen so you don't get a
[240]
chance to go to the property see the
[241]
condition
[242]
to make a knowledgeable offer on the
[243]
property during the auction
[245]
so also keep in mind that most auction
[248]
places
[248]
is cash only so if you're looking for
[250]
financing um
[252]
conventional financing on a home need to
[253]
get an appraisal on fha
[255]
it's not really going to work in this
[256]
particular situation with auctions um a
[258]
lot of times it's like hey this is cash
[260]
only you need to have
[261]
10 20 000 that you need to pay us today
[263]
the rest of it you're gonna have to pay
[264]
in a week
[265]
um at that point you're gonna go ahead
[266]
and take possession of the property it's
[268]
gonna be up to you to go ahead and file
[270]
the eviction to get the former owner out
[271]
of the home
[272]
um also with that said is a lot of times
[274]
the bank's gonna go ahead and send their
[276]
own representatives
[277]
to the auction um either they're gonna
[279]
send their own representative or they're
[280]
gonna actually tell the courthouse
[282]
um hey there's a reserve on this i need
[284]
to get x amount of dollars
[286]
if i can't get x amount of dollars we're
[287]
gonna go ahead and cancel the sale
[289]
um if they do get over that they're
[291]
gonna go ahead and sell it to the person
[292]
that inquired about it
[293]
if not they're gonna go ahead and buy
[295]
the property back and at that point it's
[297]
going to become a foreclosure
[298]
once it is a foreclosure that's when
[301]
you're going to start to see it in the
[302]
mls
[303]
not necessarily just on zillow but
[304]
you're going to see it in the mls i'll
[306]
give you a little bit more information
[307]
in
[308]
future videos in regards to how banks
[310]
decide what the price is going to be
[311]
with foreclosures
[313]
um whether or not they're going to do at
[314]
auction whether girl make repair selling
[316]
as is there's so many different things
[317]
so
[318]
definitely make sure that you like and
[319]
subscribe to my channel i'm trying to
[321]
give you guys as much information as
[323]
possible about buying and selling real
[324]
estate
[325]
including foreclosures um and south
[328]
central pa the harrisburg
[329]
uh camp hill dauphin county market uh
[332]
where i live so if you have any
[334]
questions feel free to make sure that
[335]
you comment below
[336]
i'll be more than happy to answer your
[338]
questions or possibly do another video
[340]
here in the future
[341]
thanks
Most Recent Videos:
You can go back to the homepage right here: Homepage