After a foreclosure, how much time does it usually take for the realtors and other professionals to unravel th
complicated relationship between the whoever is servicing the loan and whoever might actually own the stream of payments, to close on property that has an accepted offer? Too often, the loan originator has packaged the mortgage with lots of other mortgages and sold the package to Freddie Mac or another big entity with backend service agreements, after the servicer forecloses, lists the property, they"ll accept an offer, without having clear title. Am I looking at 1 month. 6 months or years for this to straighten out?
Bud, Foreclosures are a complex issue. It is clear from your question that you are confusing preforeclosures, foreclosures and bank owned, REOs.
You really need to schedule some time with an agent who is familiar with this process.
In the meantime, have a look at our personally picked homes, chosen from all listed homes.
go to http://www.madisonhotbuys.com
then we can sit down for a personal consultation to discuss your needs and answer all your questions.
Correction, it should say local banks can take a couple days to a couple weeks to respond.
From the time a homeowner receives their Les Pendis (norification of Foreclosure process) till the actual sheriff's sale is 9-12 months in Wisconsin. One option during this time the owner can sell their property as a short sale (short the amount due to the lender on the loan, with their approval). The short sale timeline varies; for local banks it can be a couple days to a couple days. For the national lenders it can take months to up to a year (longest I've heard) This takes the longest because of what you described. One the lender buys a property at the sheriff's sale, it can take 4-6 weeks for the paperwork, etc. to take place before the lender lists it with a real estate agent for sale. The response for an offer as a REO (Real Estate Owned by lender) is fairly timely with the lender usually wanting a 30 day close date from time of Accepted Offer.
AT CENTURY 21 AFFILIATED WE ARE OFFERING FREE CLASSES ON BUYING REO/SHORT SALES EVERY WEDNESDAY FROM 6-8PM AT OUR OFFICE AT 221 W BELTLINE HWY. I WILL BE LEADING THIS CLASS THIS WENDESDAY JUNE 10TH AND WOULD LIKE TO INVITE ANYONE INTERSTED IN LEARNING MORE ABOUT THESE TYPE OF SALES TO ATTEND. Please feel free to call me at 608 345-8737 to sign up for the class. Please find out link for foreclosed properties below.
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