What is a "prelisting"?
How will I be notified when the properties I saved are available to purchase?
What are the risks of buying a foreclosure?
Should I use a Realtor when purchasing a foreclosure?
Should I work directly with the listing agent when buying a foreclosure?
What is a pre-approval letter?
Why should I upload my pre-qualification letter to this site?

What is a "prelisting"?
A prelisting is any property that is not yet formally listed for sale with a real estate agent but one that will be listed very soon!  When looking at a prelisting you can gather information but the posted price will only be an estimate.  Once the property is listed with an agent, if you've saved it to your account on prelisting.com, you will immediately receive an email notifying you of the official asking price and steps you can take to purchase the property.  For more information about where prelistings fit in the foreclosure process please see our foreclosure 101 overview and explanation of the foreclosure process. 

How will I be notified when the properties I saved are available to purchase?
Once you've saved a prelisting to your account, prelisting.com monitors the status of the property and the moment the status is changed from "prelisting" to "active listing" you will receive email notification.  If you have included your preferred real estate agent in your profile they will also be notified on your behalf at the same time. 

What are the risks of buying a foreclosure?
Many!  While purchasing a foreclosed property may be a fantastic investment it is not without risk.  Prelisting.com highly recommends that you consult with a reputable Realtor on the purchase or sale of any real estate. 

Should I use a Realtor when purchasing a foreclosure?
Yes!  See the answer above.  Also, most lenders expect the buyers of their foreclosed homes to use a Realtor.  In almost all cases there is no added cost to the buyer to use a Realtor.

Should I work directly with the listing agent when buying a foreclosure?
You should work with an agent you trust to represent you and negotiate for you.  Realtors that list foreclosed properties for lenders are bound by the Realtor Code of Ethics which requires them to submit all offers to the seller for review.  The only exception will be cases where the seller has given the listing agent specific written instructions to only submit certain offers.  Whoever you use, make sure you are submitting your offer in its complete form exactly the  way it is requested by the seller. 

What is a pre-approval letter?
This is a letter from a lender or loan officer stating that they have reviewed your credit, income, and debt information and are verifying that you will be able to obtain financing if/when your offer gets accepted.