BEST ANSWER
When a property is foreclosed it does not always pop back on the market right away. There are many forces at play behind the scenes that cause delay in getting homes back on the market quickly, as simple has the banks have more properties than they can process or they had mortgage insurance and are waiting to see who will take title on the house which means who will take the loss. On average i have seen 3 months turn around, i have seen it shorter but also seen it longer. Check out my page on buying bank owned homes also known as REO or real estate owned by the bank. The best way to know the house is getting close is when you see activity at the house. The house will be assigned to an asset manager who will begin preservation activities such as securing the house, doing the lawn, cleaning it out and listing it with a broker. When you see a worker, go ask who they are working for. You will get the inside scoop. I work with alot of bank owned homes which i list on my site, alot of times i am assigned the task to do the clean ups and wait for a price which also can take a month or two. I list these homes on my site for everyones review. During this time by all means you can put in an offer. If you can save the banks money and time, some of them will bite.
Wed Jul 30 2008, 06:05