Foreclosure in San Diego>Question Details

Alba, Home Buyer in San Diego, CA

once a house goes off the market and its bank owned,how long will the bank take to list it?

Asked by Alba, San Diego, CA Sat Nov 17, 2007

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Hi Alba, It really is dependent on the bank and what's been going on with the property. There was a property listed as a short sale for over 90 days in Mira Mesa, came off the market and was back on the market as a bank owned the following week for a lower price than we offered for it while it was a short sale. There was a different property in 4S ranch that went back to the bank after the Trustee sale in April this year and finally was listed in October. If you are interested in a particular property, the best thing to do is create an automatic search that notifies you if it hits the MLS.
0 votes Thank Flag Link Mon Dec 10, 2007
Alba,

Excellent Question!

It varies quite a bit. I have seen the bank put it on the market within a week of foreclosure and I have seen the banks take their time. Now with banks used to doing many foreclosures they’re moving pretty quickly.

If you need help finding a new home visit our web site http://www.eHomeConnect.net.

Mike Lewis eHomeConnect Agent
0 votes Thank Flag Link Mon Nov 26, 2007
ALBA -

There are listing agents that specialize in LISTING foreclosures. They represent BANKS not consumers. If you are a buyer, you would be served best by an agent that will show you homes that are for sale by banks and by Motivated Sellers. - An agent that has experience and skill negotiating BOTH types of sellers.

Most foreclosures are in WORSE condition and have HIGHER list prices than equivalent motivated owner homes. This is why you should want to compare regular listings with Bank REO's. If you look only at Bank homes, you are likely to overpay.
0 votes Thank Flag Link Sun Nov 18, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Alba,
It has been my experience that it is usually two months or more before it is in the Multiple Listing Service (MLS). If you are interested in buying a bank REO, get your Realtor to look for the ones that have been listed the longest in the MLS. There is a custom search that they can do to find them. The longer the property has been listed, usually means the more motivated the seller is (this includes lenders and banks). It is very important that you use your own agent, since the listing agent, represents the seller. I do free classes on finding and buying these kinds of homes and you are welcome to attend. See my site front page for the details.. http://.www.fredeckertgroup.com
0 votes Thank Flag Link Sun Nov 18, 2007
Her in Michigan it takes much longer. We have demeption period for the owner of 6 months. After the 6 month period who knows how long the bank will take to get it listed. Some homes here have sat for 12-18 months before being listed. Best thing to do is try to sell during redemption period.
0 votes Thank Flag Link Sun Nov 18, 2007
It depends on the lender. One of the first things that happens is that the lender will get a BPO....brokers price opinion. From there they will assign it to a Realtor to list. It usually takes at least a month...and sometimes as long as 3 to get back to market. Good luck!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sun Nov 18, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
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That would depend on what you mean by "off the market". If it was previously listed and the bank has completed the foreclosure, it could take just a few months yet, I have seen many that have gone for much longer before they are listed again as an REO. I would watch the MLS for it to reappear. If you have an agent, have them enter the property address in their MLS system and set up for an alert. They will be one of the first to know when it is listed. There is little else that can be done until then. Banks are prohibited from selling property directly to consumers so, an agent will be involved somewhere along the line. Patience and persistence will pay off in your search.
0 votes Thank Flag Link Sat Nov 17, 2007
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