Secondly, in many situations (not all), the original home owner will be pursued by the bank for a deficiency judgement. If that homeowner can make the case to a judge that the deficiency is based on a low sales price that resulted from the lender's failure to make a reasonable attempt to get as much for the property as possible, the lender's case may be substantially weakened or thrown out all together. And, to take this a step further, a lender who made a practice of accepting offers without exposing the property to the market then pursuing the defaulting home owner for the deficiency would likely end up facing a class action law suit.
I usually attach a tag to the property for my Buyer which alerts me and her or him immediately upon the addresses activation in the MLS.
Also if you want to keep your eye on the property and get updated once it hits the market you can do so by using http://www.SanDiegoRealEstateToday.com. Simply locate where the property is on the map then save your search and once it is listed you will receive an email.
Prudential Sierra Nevada Properties
I have bought a few properties in this fashion. If you want to contact me with the address I can call the asset manager for you.
Our advice is to have your agent contact the short sale contact at ING and see if they can refer you to the asset manager. Our company gets REO listings from banks and the potential issue you may run into is the bank may want a broker on the sale to protect their interest.
Otherwise, it could take 30 to 150 days to list depending on the speed of their internal processes. The number 1 item they will need to handle is to make sure the title is transferred properly from the former owner to the bank. We have found that is the longest part of the process to list and to close when someone buys the home.
We hope this helps.
Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
It should not take to long for the home to get back on the market usually 2-6 weeks.
Let me know if I can help.
Cell: (760) 500-5326
â€œI appreciate your confidence and I reward you with my loyalty.â€
DRE Lic #01871454
Let me know if I can help you in any way!
Joan Wilson (Realtor, SRES, Ecobroker, Certified REO and Short Sale/HAFA Specialist)
California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
License # 01341483
It is my Goal to Increase the Success and Profitability of Those I Serve
Find your Dream Home:
In some instances home COULD be offered inventory of investors purchase in a lot
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors