Foreclosure in 76053>Question Details

Mark Fisher, Home Buyer in Haltom City, TX

when a bid for a foreclosure is excepted what is the time table do they have to close or does it go back on market?

Asked by Mark Fisher, Haltom City, TX Sun Nov 27, 2011

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0 votes Thank Flag Link Mon Jul 9, 2012
Mark,

Could be anywhere from 2 to 60 days or so. I used to say when they're gone they're gone, but sometimes they do come back these days. All kind of issues but typically if they come back it is due to the buyer not being able to get financing.

If you would like me to keep an eye on one for you I can.
0 votes Thank Flag Link Tue Feb 7, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Mark,

Could be anywhere from 2 to 60 days or so. I used to say when they're gone they're gone, but sometimes they do come back these days. All kind of issues but typically if they come back it is due to the buyer not being able to get financing.

If you would like me to keep an eye on one for you I can.
0 votes Thank Flag Link Tue Feb 7, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Mark,

Could be anywhere from 2 to 60 days or so. I used to say when they're gone they're gone, but sometimes they do come back these days. All kind of issues but typically if they come back it is due to the buyer not being able to get financing.

If you would like me to keep an eye on one for you I can.
0 votes Thank Flag Link Tue Feb 7, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Where is your buyers agent who should be providing you all the details. All is governed by executed sales agreement and much more !

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Nov 27, 2011
I probably need a little more information to answer your question correctly.

If you are the buyer, it will be whatever is in your contract. Normally 30-45 days.

If you are asking about the seller it could be any time or never. They normally try to meet your 30-45 day deadline, but if for some reason they can't close for some reason, they normally write the contracts so that they can terminate and refund your earnest money.

Drop me a line with your specific circumstance and I will try to be more specific.

Listed below are some foreclosures for sale in Haltom City and Watauga. If you are looking in a certain area to buy, give me a call and we'll send you more that meet your specific criteria.
0 votes Thank Flag Link Sun Nov 27, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You have already had some good answers here. A HUD Property is always 45 days from the date of acceptance. A bank owned home is typically 30 days, but is negotiated at the time of contract. Every bank is different and their contracts often trump the standard TREC Contract. If you are wondering about a home that is currently under contract just let me know what the address is and I can get the status.

Thanks,

Mindy Lowry, Realtor RE/MAX Heritage
682-559-1246 cell
0 votes Thank Flag Link Sun Nov 27, 2011
Depending on the lender and borrower the time table has been between 45 days plus or minus. Please letme know if I can be of service to you with your properties in Tarrant County.
Phillip J. Peters 817-675-5273
Prudential Texas Properties
0 votes Thank Flag Link Sun Nov 27, 2011
If your offer was accepted in writing, you now have a contract. If it hasn't been accepted in writing, then you have nothing.

1. If you have a contract, review if for the expected closing date and find out if your conract states "time is of the essence"...most foreclosure addenda do.

2. Is the seller FHA, VA, FNMA, etc.? If so, they will close if and when they feel like it as the contract terms don't apply to these entities...right or wrong, they play by their own rules and unless you have the money, time and desire to litigate with them (and trust me, you don't), then they will play by their own rules as they've always done. Fair? No. Reality? Absolutely.

3. If the seller is a local bank or private lender, you will have a little more pull in the event the closing doesn't take place as stated in the contract and the appropriate language is in the contract.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Sun Nov 27, 2011
Mark, if you are asking the question to determine what an offer on a property should look like - it depends on the company holding the foreclosure. However, in the current market, most sellers (banks and individuals) are looking to close in 30-45 days.

If you are currently under contract on a foreclosed property, the purchase agreement will very likely outline the process for delayed closings. In many cases, a buyer is required to pay a per diem penalty for each day of a delay.

If the buyer does not meet the agreed or adjusted close date, then the property will most likely go back on the market. In some cases the bank may go to a back-up offer to negotiate another sale.

Best of luck!
Roslyn Gaunt, Broker/Owner
Voted BEST OF THE BEST - Colleyville, Grapevine, Southlake
817.793.7858
0 votes Thank Flag Link Sun Nov 27, 2011
The timetable is spelled out in your purchase contract.

Oggi Kashi
Broker Associate, Paragon Real Estate Group
All data from sources deemed reliable but subject to error and omission, and not warranted. CA DRE 01844627
0 votes Thank Flag Link Sun Nov 27, 2011
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