As Realtors, we?normally show properties that are listed on the Multiple Listing Service (MLS). If a Seller is in some form of financial distress, they may try to sell it as a Short Sale, meaning that the proceeds from the sale won't be sufficient to pay off their mortgage. These are normally listed with an agent and appear?on the MLS. If a house is in "pre-foreclosure", it normally means that the lender has started foreclosure proceedings. But until the bank completes the process and takes title, they don't own it and therefore?can't sell it. So the house is in limbo, and as far as we know, not available for a buyer to purchase. But once the bank takes title, they will hire a Realtor who specializes in what is known as REO properties, and they will list it on the MLS. So if you know of a property in this status, you may have to wait until the house hits the MLS.
Source: http://www.zillow.com/advice-thread/is-a-preforclsure-for-sale/502877/
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