Pre-foreclosure is a condition where the owner of a particular property is late for a period more than ninety days on their payment. In this situation, the lender commences the process of foreclosure with a given notice to the trustee sale. A pre-foreclosure property is already under the process of foreclosure, but the owner still holds the legal ownership. It may or may not move into a short sale.
This is often a problem that we get asked to solve quite often. Don't worry you still have options to sell your house fast. We often have options to make selling your house possible even if you owe more then what "most" say its worth. Sometimes we won't be able to do anything other then spread the word to all of our many connections, that your house is for sale. However other times we may be able to find unique way that we will be able to add more value to the house such as add on an addition, add a third floor or something else that will add more value.