Foreclosure in Keene>Question Details

Jt, Other/Just Looking in Keene, NH

How long does it take when a house goes back to the bank in foreclosure for it to be posted for sale?

Asked by Jt, Keene, NH Mon Jun 13, 2011

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Once a house is purchased back by the bank after the foreclsoure auction, first they assign it to one of their local and approved Realtors. They look to see if teh house is vacant, if so they secure it, if not they start eviction. Once it is vacant, they clean the house, clear the deed and appraise the property. the house can be listed in as little as a day after the auction and usually up to 3 weeks after the house is deemed vacant and cleaned to sell. The listing agent usually posts a notice on the door so you can contact them direct before it is listed for the scoop.

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…

Please see my blog for a full list of tips and advice on buying bank owned homes.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Jun 16, 2011
JT, continue to monitor the online listings for this home. As the other Pros have mentioned, there is no reliable way to forecast the amount of time it will take for this home to show up in your local MLS. The bank's asset manager will be working to secure & assess the property, confirm its market value, and assign it to a real estate firm to sell. If there are any major issues with the physical condition of the property or if it does not have clean title, the process may take longer. Also, there is an ebb and flow to the market so even the time of year can play of role. Hopefully this property will move through the system quickly (perhaps as quickly as couple of weeks) so that you can take advantage of this opportunity. Best of luck!
0 votes Thank Flag Link Tue Jun 14, 2011
The bank hasn't purchased my house. A house that I am interested in went back to the bank in March 2011 and I was just curious to when the timeline is when the house would be listed on MLS. Thank you all for your helpful advice!
JT
0 votes Thank Flag Link Tue Jun 14, 2011
I our area it varies as well. Quickest is a few weeks, but I've seen them sit on a house for over a year. Lots of factors go into getting it listed for sale in the MLS - like redemption rights, other lienholders, investors desire to unload the property quickly, investors feeling on the market in the near future.

Robert Range
Prudential Sierra Nevada Properties.
0 votes Thank Flag Link Mon Jun 13, 2011
That question can not be answered by us, each bank and each property it deals with can be different!
0 votes Thank Flag Link Mon Jun 13, 2011
Hard to say. It depends on many different scenarios. Depends on whether it gets bought at auction by an investor or another back. Sometimes it can take years for a property to get listed for sale again. I had a listing two years ago (short sale at the time) that had too many liens on it, and it was foreclosed on. It just came on the market a few months ago.

Sadly, this property is now in need of a lot more work as it has been vacant for nearly two years, has had broken pipes, etc. (and it's priced the same now as when I had it and it was in perfect condition).

Check out my blog on buying short sales & bank owned properties:
http://sallygrenier.com/2011/06/01/short-sales-foreclosures-…
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Mon Jun 13, 2011
JT-
I don't think there is a short answer to this question, but to be clear- you are asking for an idea of the timeline between when a house is foreclosed upon by a bank and when that same house becomes available for sale with a real estate agent, correct?
In my experience it varies really, really widely- dependent on factors such as the time of year, the current market, the bank or lender's current load of properties, which bank or lender it is, the condition of the house, the condition of the title...
I'm eager to see what others think though!
0 votes Thank Flag Link Mon Jun 13, 2011
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