Hi, Kim-
I get asked this question often. I agree with the other 2 answers you were given. In my personal experiene, I've seen them take a couple of weeks up to 30 days in some cases. Once in a while you find that the bank has assigned the listing to an agent, but still hasn't put a price on it. In a case like that, the agent's hands are somewhat tied, because without an actual listed price, they cannot input it into the Multiple Listing Service. Is there a particular reason that you asked this question? Is there anything else you need to know about foreclosures?

Depends on the bank and who the investor of the loan. It also depends on who is servicing the loan for the investor such as a bank or a asset company. Typically the bank will get opinions of values while the property is going through foreclosure, however, those opinions are exterior opinions and don't take the interior condition into consideration. So after the sale and the property becomming vacant which could be 60 days or more, then the assigned agent will prepare a marketing package to the bank to present to the bank for approval. The approval can take as much as 30-45 days on a typical case. However, if the loan was a fha or va loans it could take much longer because of delays built into the government agencies to repsonding to a property going to foreclosure.

Hello Kim,

Thanks for the question.

It really depends on the bank & occupancy status but I would say anywhere from 1-2 weeks.

Many times the bank has a value or price on the property before they take it back. They get BPO's (broker price opinions) a 2-3 weeks before the foreclosure date to get a feel for the value. After they take it back, they generally get another opinion as to the value and might even have an official appraisal done.

That said, sometimes it may take a while to hit the market because the home is still occupied by the owner, a renter, or personal property remains behind. There are eviction laws and rules that apply so they have time frames they have to follow.

All in all, if the property is vacant, it should only take a few weeks for the bank to put it on the market for sale.