Foreclosure in Sturgis>Question Details

Darlene, Home Buyer in Sturgis, MI

Im seeing a lot of foreclosures back on the market that were sold earlier in the year as a foreclosure whats going on ?

Asked by Darlene, Sturgis, MI Thu Dec 13, 2012

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Bill Eckler-Florida,’s answer
Hi Darlene,

Ron is on target but one other possibility is that these transaction "for one reason or another" didn't work out, causing the property to land back on the market.

Sales contingencies for financing or inspections can be common causes for these difficulties. This is the main reason why banks prefer and will in some instances accept a lower cash offer opposed to a financed one.

Bill
0 votes Thank Flag Link Thu Dec 13, 2012
A Foreclosure can only be a Foreclosure once,
unless the new lender is Foreclosing on the people who bought the Foreclosure.
If it was bought as a Foreclosure, and the Buyer fixed it up and are now FLIPPING it, it is not now a Foreclosure, but a normal sale.
If it is, indeed, a Foreclosure now, then maybe the Bank took it off the Market and now they are really going to Foreclose.
Ask your Realtor to do a HISTORY on the house so you will know.
0 votes Thank Flag Link Thu Dec 13, 2012
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