I have handled many foreclosed sales over the past several years. I can tell you from experience that each asset manager (this is the indivdual who represents the bank) is different. Some will take 2 to 3 days like Bill mentioned however I have waited as long as 2 weeks before I knew I had the deal.
Unfortunately this is a price you pay when dealing with this type of a transaction. The key is, the buyers agent who represents you must have all documentation in order. This will help expedite the procedure. As long as a contract has not been accepted they can consider as many offers that come in. Matter of fact that is the goal, not only to sale the house but also to create a bidding war.
If the house just comes on the market, in most cases, they will not negotiate much... not always but most cases. It is after it sits a couple of months that they are more eager to work a deal.
If you put a deadline on the contract and you really want the home, you'll just be hurting yourself.
Remember they are at a loss, and ultimately you will get a discount... however with this type of transaction you need patience.
Rose, if you are not already working with an agent, feel free to contact me via my website. [ http://www.rosesimms.com ] Have a great day and good luck.
Keller Williams Realty
Servicing Southeastern Michigan
if you are buying in dearborn, reconsider!!! they are crooks and liars. its evident by a building and safety department employee being found guilty of accepting bribes. but i knew this long before this conviction took place. If you are looking to get a certificate of occupancy, good luck!
they actually created a new department, closed the old building and safety office upstairs(its now some sort of fire department) and gave all these crooks new jobs with new titles.
do not buy in dearborn!!! especially with rehab or foreclosed houses. they hold you to a different and unfair standard of doing repairs. i have first hand experience with them. they did a blanket inspection and passed it off as real, when i dont believe an inspector stepped foot in the house. they stated in the inspection report certain things needed to be repaired when in fact they didnt. the plumbing was determined to be changed, when in fact the water had been turned off pre-inspection, figure that one out??? i asked the inspector how he concluded the plumbing needed replacing, his reply was i have 20 years experience. when i had the water turned on, the water never leaked.
im telling you people this is not propaganda, only the truth as i have experienced. they will make your life a nightmare it will cost you a fortune to live in a city that is way past its prime.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset, businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults
The answer depends on the foreclosing bank, the timeline in the process and if the property is not truly an REO (gone through the redemption period) there can be a very long time between when an offer is submitted and bank acceptance. For the REO's (once the first lien position/bank has the property officially back) the process is quicker. If the property was just foreclosed (sheriff sale) and is in redemption, the delay depends on how many other interests (lienholders) are involved. My record time to get an acceptance prior to a sheriff sale (foreclosure) was 30 days for a single lien; during redemption you can expect about 60-90 days depending on the bank and after redemption, possibly as quick as 2-3 days.
If you are not working with an agent at this time, I would be willing to answer any of your questions directly. You may contact me at 248 567 3895. Thank you, John
Usually the bank buys back the foreclosure AFTER the upset period of 10 days, thru the clerk of courts has expired. At that point you can contact the bank, or have a realtor do it for you, to find out if they will accept offers, or if they are going to relist the property. Speak to someone in the REO department.
Hope that helps??
It shouldn't take longer than 2-4 days on a foreclosure for the bank to get back to you. Secondly, it is very possible a bank could be entertaining multiple offers on a property.
Your agent should be pushing for a signed agreement ASAP to minimize the chance of additional interests entering the picture. A fair offer on the buyers part can initiate a quicker and more serious bank response.