{"id":103189,"date":"2025-07-08T07:27:35","date_gmt":"2025-07-08T14:27:35","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=103189"},"modified":"2025-07-08T07:27:35","modified_gmt":"2025-07-08T14:27:35","slug":"preforeclosure-homes-what-they-are-and-how-to-buy","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/preforeclosure-homes-what-they-are-and-how-to-buy\/","title":{"rendered":"What are Preforeclosure Homes? Plus, How to Buy One"},"content":{"rendered":"<h3><b>Key takeaways:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preforeclosure is the period after missed mortgage payments but before formal foreclosure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">State laws significantly impact the preforeclosure process and timeline.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buying a preforeclosed home can offer opportunities but requires careful due diligence.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When a homeowner struggles to make <\/span><a href=\"https:\/\/www.rocketmortgage.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">mortgage<\/span><\/a><span style=\"font-weight: 400;\"> payments, their home enters a stage called preforeclosure. This period, which occurs before a formal foreclosure, offers a window of opportunity for both the homeowner and potential buyers. Understanding preforeclosure can help homeowners avoid losing their property and provide buyers with unique investment opportunities. This <\/span><a href=\"https:\/\/www.redfin.com\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin Real Estate<\/span><\/a><span style=\"font-weight: 400;\"> blog shares what you need to know as a homeowner trying to navigate a preforeclosure or if you\u2019re a buyer searching for preforeclosure homes. Now, let&#8217;s get started.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone  wp-image-101483\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg.jpg\" alt=\"\" width=\"902\" height=\"472\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg-300x157.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg-1024x536.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg-768x402.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg-287x150.jpg 287w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/10727-126th-Ave-NE_Kirkland_WA_Ext_final.jpg-573x300.jpg 573w\" sizes=\"(max-width: 902px) 100vw, 902px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a preforeclosure?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Preforeclosure is the period after a homeowner defaults on their mortgage payments but before the lender initiates a <\/span><a href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-foreclosure\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">full foreclosure<\/span><\/a><span style=\"font-weight: 400;\">. During this time, the homeowner is in <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/a\/arrears.asp\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">arrears<\/span><\/a><span style=\"font-weight: 400;\"> but still owns the property. The lender has not yet taken legal action to reclaim the home. This phase is intended to give the homeowner a chance to remedy the situation and prevent the property from being foreclosed upon.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How the preforeclosure process works<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The preforeclosure process typically follows a series of steps, beginning with missed payments and culminating in potential resolution or formal foreclosure.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Lender\u2019s notice of default<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The preforeclosure process officially begins when a lender issues a <\/span><a href=\"https:\/\/www.bankrate.com\/mortgages\/notice-of-default\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Notice of Default<\/span><\/a><span style=\"font-weight: 400;\"> (NOD) to the homeowner. This notice informs the homeowner that they have missed a specified number of mortgage payments and are in default of their loan agreement. The NOD outlines the amount owed, including missed payments, interest, and any penalties. It also states the lender&#8217;s intent to foreclose if the default is not cured within a certain timeframe, which varies by state.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Review your state law<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">State laws significantly influence the preforeclosure timeline and available options. Some states have longer preforeclosure periods, offering homeowners more time to resolve the issue. Other states have quicker processes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s crucial for homeowners to understand the specific laws in their state regarding default notices, grace periods, and homeowner rights during preforeclosure. These laws can dictate the steps a lender must take before a property can be foreclosed.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Address missed payments or initiate home sale<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Once a homeowner receives a Notice of Default, they have several options to address the situation. The most direct approach is to catch up on missed payments, including any fees and penalties. If this isn&#8217;t feasible, homeowners can explore options such as loan modification, a repayment plan, or forbearance with their lender.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alternatively, <\/span><a href=\"https:\/\/hometowndev.com\/blog\/can-i-sell-a-home-in-pre-foreclosure\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">selling the home during preforeclosure<\/span><\/a><span style=\"font-weight: 400;\"> is a common way to avoid foreclosure. A <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-short-sale-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">short sale<\/span><\/a><span style=\"font-weight: 400;\">, where the home is sold for less than the outstanding mortgage balance with the lender&#8217;s approval, is one possibility. Another option is a regular sale, where the homeowner sells the property to pay off the mortgage and avoid further damage to their credit.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone  wp-image-101543\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825.jpg\" alt=\"basement houses\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_1477010825-450x300.jpg 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Drawbacks of preforeclosure occuring<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While preforeclosure offers a chance for resolution, it comes with significant drawbacks for the homeowner. The most immediate impact is a severe hit to their <\/span><a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/how-does-a-foreclosure-affect-credit\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\">, making it difficult to secure new loans or credit in the future. The stress and uncertainty of potentially losing one&#8217;s home are also considerable. Furthermore, public records may show the Notice of Default, which can attract unwanted attention from investors.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Resolving a preforeclosure as a homeowner<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Homeowners have several avenues to resolve a preforeclosure.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reinstate the loan:<\/b><span style=\"font-weight: 400;\"> Pay all <\/span><a href=\"https:\/\/www.bankrate.com\/mortgages\/how-many-mortgage-payments-can-i-miss\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">missed payments<\/span><\/a><span style=\"font-weight: 400;\">, fees, and penalties in a lump sum.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Repayment plan:<\/b><span style=\"font-weight: 400;\"> Negotiate a plan with the lender to pay the overdue amount over time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan modification:<\/b><span style=\"font-weight: 400;\"> Work with the lender to <\/span><a href=\"https:\/\/www.baxter-law.com\/blog\/2025\/march\/navigating-foreclosures-and-loan-modifications\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">change the terms of the mortgage<\/span><\/a><span style=\"font-weight: 400;\">, such as the interest rate or loan term, to make payments more affordable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Forbearance:<\/b><span style=\"font-weight: 400;\"> Temporarily suspend or reduce mortgage payments for a set period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sell the home:<\/b><span style=\"font-weight: 400;\"> Sell the property to pay off the mortgage, either through a traditional sale or a short sale.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Deed in lieu of foreclosure:<\/b><span style=\"font-weight: 400;\"> Voluntarily transfer the property&#8217;s title to the lender to avoid foreclosure.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How preforeclosure differs from foreclosure<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The key difference between preforeclosure and foreclosure lies in ownership and legal status. In preforeclosure, the homeowner still retains ownership of the property, despite being in default. They have opportunities to resolve the default and avoid losing the home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Foreclosure, on the other hand, is the legal process by which the lender takes ownership of the property due to the homeowner&#8217;s continued default. Once a home is foreclosed, the homeowner loses all rights to the property.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Buying a preforeclosed home<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Buying a home in preforeclosure is certainly a possibility, especially if a homeowner doesn\u2019t intend to resolve the preforeclosure. These properties can sometimes be purchased below market value, but they often come with complexities.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Direct from homeowner:<\/b><span style=\"font-weight: 400;\"> Buyers can negotiate directly with the homeowner to purchase the property before it goes into full foreclosure. This requires the homeowner and lender to agree on the sale.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Understanding the risks:<\/b><span style=\"font-weight: 400;\"> Buyers should be aware of potential <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-find-liens-on-a-property\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">liens<\/span><\/a><span style=\"font-weight: 400;\">, necessary repairs, and the need for patience, as these transactions can be complex and time-sensitive.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Legal guidance:<\/b><span style=\"font-weight: 400;\"> It&#8217;s advisable to seek legal counsel to navigate the intricacies of buying a preforeclosed property, ensuring a smooth and legally sound transaction.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone  wp-image-99753\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527.jpg\" alt=\"A craftsman style starter home\" width=\"901\" height=\"601\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527.jpg 1000w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/04\/Starter-Home_FeaturedImage_shutterstock_2391626527-450x300.jpg 450w\" sizes=\"(max-width: 901px) 100vw, 901px\" \/><\/p>\n<h3><b>Frequently asked questions:<\/b><\/h3>\n<p><b>Q: <\/b><span style=\"font-weight: 400;\">How long does preforeclosure usually last?<\/span><\/p>\n<p><b>A: <\/b><span style=\"font-weight: 400;\">The duration of preforeclosure varies by state laws and the lender&#8217;s policies, but it typically ranges from a few months to over a year.<\/span><\/p>\n<p><b>Q: <\/b><span style=\"font-weight: 400;\">Can a homeowner stop a preforeclosure?<\/span><\/p>\n<p><b>A: <\/b><span style=\"font-weight: 400;\">Yes, a homeowner can stop a preforeclosure by resolving the missed payments or through other arrangements with the lender, such as a loan modification or selling the home.<\/span><\/p>\n<p><b>Q: <\/b><span style=\"font-weight: 400;\">Is buying a preforeclosure home risky?<\/span><\/p>\n<p><b>A: <\/b><span style=\"font-weight: 400;\">Buying a preforeclosure home can be risky due to potential hidden liens, necessary repairs, and the complexity of the transaction. Due diligence and legal advice are highly recommended.<\/span><\/p>\n<p><b>Q: <\/b><span style=\"font-weight: 400;\">What happens if a homeowner does nothing during preforeclosure?<\/span><\/p>\n<p><b>A: <\/b><span style=\"font-weight: 400;\">If a homeowner takes no action during preforeclosure, the lender will eventually proceed with the formal foreclosure process, leading to the homeowner losing the property.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before a home forecloses, there is preforeclosure. This can be a homeowner\u2019s last chance to resolve missed payments or choose to sell.<\/p>\n","protected":false},"author":587,"featured_media":101658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34277],"tags":[],"coauthors":[34687],"class_list":["post-103189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What are Preforeclosure Homes and How to Buy One | Redfin<\/title>\n<meta name=\"description\" content=\"Before a home forecloses, there is preforeclosure. This can be a homeowner\u2019s last chance to resolve missed payments or choose to sell.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/preforeclosure-homes-what-they-are-and-how-to-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are Preforeclosure Homes? Plus, How to Buy One\" \/>\n<meta property=\"og:description\" content=\"Before a home forecloses, there is preforeclosure. This can be a homeowner\u2019s last chance to resolve missed payments or choose to sell.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/preforeclosure-homes-what-they-are-and-how-to-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-08T14:27:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/shutterstock_2468009973.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"684\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Kline\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Kline\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/preforeclosure-homes-what-they-are-and-how-to-buy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/preforeclosure-homes-what-they-are-and-how-to-buy\\\/\"},\"author\":{\"name\":\"Mark Kline\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/972b3d09d9e8f1ee279275dac3272928\"},\"headline\":\"What are Preforeclosure Homes? 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