What is the bidding process on a Pre-Foreclosure in Riverside, CA, and how do I find an agent?
Joseph: There is not “bidding process” per se on a pre-foreclosure. As a matter of fact, just because a home is in pre-foreclosure, does not mean that it is for sale. A pre-foreclosure simply means that the owner of the property has fallen behind in his payments and the bank has filed a notice of default (NOD) as the first step in their collection process. Some home owners will either pay their mortgage current or work out a payment plan with their lender. Other home owners will list their property with a realtor and sell it in the same manner as a non-NOD property. Some home owners will wait too long and the bank will auction off their home at the Trustee Sale. And yet other home owners will realize early on that their home is worth a lot less than they owe and will allow the lender to foreclose on them. There is only a small percentage that will not fall into any of these categories. In that case, you need to contact the home owner directly and convince them that they should sell the
