what is pre-foreclosure mean? - Zillow Real Estate Advice

The most common use today of pre-foreclosure is when a seller is selling a house as a short sale. It means they are worried about being foreclosed and they want to sell to avoid it. The house is probably not worth what is owed so a buyer can't borrow enough to allow the seller to pay off the old loan and so the seller is trying to sell short which must be approved by the bank who will lose money if they do. It's another name for short sale.

tim

Source: http://www.zillow.com/advice-thread/what-is-pre-foreclosure-mean/493576/

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