Preforeclosure is the first step in the foreclosure process. It's designed to give homeowners options to stay in their homes before a foreclosure. ... This is a legal notice and means that the lender has begun the legal process of foreclosure.

Can you buy a house that is in pre-foreclosure?

Can you finance a pre-foreclosed home? Yes, you can get a loan for a pre-foreclosure but if there is competition for the house it will likely go to the the cash buyer first. Bloomquiest recommends getting prequalified for a loan before ever making an offer.

What does it mean when a house is in pre-foreclosure on Zillow?

The pre-foreclosure stage is the period between the time in which a Notice of Default (in nonjudicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.