In regards to how long it would take to see it listed on the mls, That also depends on many factors because if the property gets sold to a third party at auction you may never see it on the mls. If it does not get sold at auction, it usually goes back to the bank and they will assing it to an asset manager who will assign the listing to a local realtor and that process could take some time. I've seen some that get listed withn a month and others just take longer for many different reasons.
Important thing to know is that a pre-foreclosure is not a property that is available for purchase and it may not be for a very long time. There is no way of knowing the answer to your questions unless you personally speak with the owner of a property.
To help you understand the process a little better, you should think of it like this:
A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. Most times, when you see a "pre-foreclosure" heading on the internet, it will be months or years, IF EVER, that the property will be on the open market via the MLS. Properties will be brought current by the owner, or sold through a "short sale", before going to foreclosure. Foreclosure is the path of last resort. If the property does go to foreclosure, the public may be given the opportunity to buy it at auction prior to it ever going back to the lender and placed in the MLS.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder's Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.
If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder's Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.
The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trusteeâ€™s deed to the property.
The Bremner Group at Coldwell Banker
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(O) 310-571-1364 DIRECT
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Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
The pre-foreclosure can take from a matter of months to years before the trustee sale takes place and even after a foreclosure, can still take several months to get assigned, prepared for market and then come on the mls. If you have a client interested in a property, go for it now... waiting could literally take years. Good luck.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
Having said this, a pre-foreclosure does not necessary have to have an MLS #, even if an agent is handling the pre-foreclosure listing. A pre- foreclosure is simlply labeled when the owner of a property has defauledt on the mortgage loan, and the owner of the mortgage loan note has made it public by recording a Notice Of Default.
I hope this is understandable. If you need an agent to buy or sell in LA, contact me.
If Notice of Trustees sale has been posted on the door and lets say the schedule date was today and it indeed got sold at the Auction many things can happen.
If its taken back by the bank, a Realtor could be contacting the occupant as soon as tomorrow and then I have had properties where there were problems in title and it took over 6 months before the bank could sort it out.
If its bought by an investor, they will contact you asap, infact many will do it Today itself. this will be faster.
In either case you could be offered Cash for keys ( money to vacate in 30 days in broom clean condition)
Hope this helps. Good luck.
Head of Short sales at KW Encino.
The seller must list the home with a real estate agent/broker to post the home for sale on the MLS.