rachael.berg, Home Buyer in Cuyahoga Falls, OH

House bought back by lender at Sheriff sale.

Asked by rachael.berg, Cuyahoga Falls, OH Tue Feb 25, 2014

I have been eyeing a home that was bought back by the lender during the Sheriff sale in mid January. The home is just sitting now. I am very interested in buying it and would like to get inside to see it. Is this possible? How long before the house would hit the market? I've heard it would go as REO, is this true? Just want to make sure I don't miss it when its listed.

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Answers

4
You won't be able to deal directly with the bank so contact a local real estate professional to assist you. Sometimes the banks list the homes immediately and sometimes weeks, months and even years go by before they list them.
0 votes Thank Flag Link Sun Mar 9, 2014
Hi Rachel, I am a local Realtor that has knowledge of the bank owned industry. In can add your information and the property address into my mls prospect search. The moment it hits the market we will both get notification.

Feel free to contact me:
Carey Ferrari
Prudential Karam & Simon Realty
330-622-2290
careyferrari@sbcglobal.net
0 votes Thank Flag Link Wed Feb 26, 2014
Hi Rachael
Sally is correct. There really is no jumping the gun, unless you happen to know who the lender is and if they generally list their REO properties through a specific broker. You still wont be able to get in the house, but at least the broker might want to add you to the list of prospective buyers in case they get the listing.

Even once the sherrif sale takes place, the previous owners typically have a right to redeem the property within a certain time frame. As Sally said, this could be weeks or months, and it could be a little time before the bank decides to market the home for sale.

Hope this helps!
Tony
0 votes Thank Flag Link Tue Feb 25, 2014
Every house and lender is different. It could take months...or only a week or two....or a year. Hard to say. But it will eventually be listed with an agent in the MLS. You can't just contact the bank and go take a look. Just have to wait. I would find a Realtor in your area who specializes in helping buyers purchase foreclosures. They'll keep an eye on the market for you and will notify you the minute it hits the MLS.

Good luck!
0 votes Thank Flag Link Tue Feb 25, 2014
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