A short sale is one type of pre-foreclosure sale. One in which the lender is asked to accept a sum less than is owed in exchange for a transfer of title to a new buyer and hte avoidance of a probable foreclosure.
Pre-foreclosure is a risky term to try to define exactly. It could describe any situation where a notice of default is in play. Under some programs it could be after proving a hardship to the lender or a government agency insuring a loan. One could buy a pre-foreclosure directly from the owner, if the owner has equity.
Pre-foreclosure is apparently a good word to throw around if you want to market something related to buying and selling real estate in the current market.Just google it and you will see what I mean.
REO’s are post-foreclosures…you probably know that.
Your real estate agent can clear all this up as it relates to specific neighborhoods or properties you find on sdlookup.com
