Yes, a property can be placed on the market before the court proceedings acre complete. They are complete when the sheriff's sale takes place. Until then, you still own the property. Keep in mind however, that you are probably a short sale before the proceedings are complete. The bank may not approve a short sale determining that a sale would be easier once they own the house after the court proceedings are finished and the foreclosure is done.
After the sheriff's sale, you can get the house back. You have 30 days. This is called the redemption period. Once the redemption period ends, you no longer have any legal rights attached to the property. It is 100% the banks.
Good luck. - Thu Dec 3 2009, 18:43