Foreclosure in 75035>Question Details

Mary, Home Buyer in 75035

When a house is listed as bank owned, how long does it take before it goes on the market?

Asked by Mary, 75035 Wed Oct 28, 2009

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It depend, if bank receive more offers then it takes longer than usual.
2 votes Thank Flag Link Mon May 13, 2013
Mary in Frisco,

Great question! When a bank forecloses on a home, they can either re list the home with the current lisng agent or they may list it with someone contracted to take their listings. Either way, any real estate agent, myself included, can help you! I am currently helping clients buy foreclosures either on the Roddy list, at the courts steps, or bank owned and listed properties. Give me a call and I will get the info you need! The bank pays my fee's so it is of no cost to you if you use me.

Nicole Arenas, Realtor
0 votes Thank Flag Link Wed Oct 28, 2009
Many times when they sit vacant it is because the homeowner filed bankruptcy, which prevents the foreclosure from moving forward for a time, and thus you get the year or two vacant home. Or, it can also be an estate problem holding it up
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0 votes Thank Flag Link Wed Oct 28, 2009
Wow, loaded question. I have seen homes be vacant as much as 2 years before they go on the market. In fact my buyer purchased it! It kind of depends on how many properties the institution holds. Sometimes you can find one on their web site, but my experence is once it hits there, it's in MLS also. It could also be up for prior to being put on the market. Before it goes on the market, generally an agent does a BPO, pricing opinion, the home is winterized and inspected etc.

If you have a specific address let me know and I will do some research for you.

Best of luck
0 votes Thank Flag Link Wed Oct 28, 2009
I list foreclosures for several banks and yes, if it is on their website, it is on MLS ...that is one of the tasks they assign us, enter into MLS and the respective banks site. However, i have one bank i work with/for that allows us to get show/sell any "prelist" foreclosures they have with our office--catch is that is only offered to agents in our office so i have an edge there. Home isnt winterized until the bank has taken possession of it. They take possession -if its still occupied we offer the tenant cash for keys to vacate, if he doesnt and its not a lease, we schedule a lock out with the constable and movers to move their stuff to the front yard. The locks are changed the house is cleaned and depending on what time of year it is it will be winterized. Then there are other things between then and the time it is formally listed that we are assigned to do, one bieng provide a BPO of property, take pix etc. Forward pix, BPO etc to asset manager with suggested list price.
Flag Sat May 25, 2013
Sometimes fairly quickly...30 days or so....other times it sits for a year or more.

We can always contact the lender on your behalf if you want to make an unsolicited offer on a particular home.
Web Reference:
0 votes Thank Flag Link Wed Oct 28, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
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