A forclosure that I want was sold to the bank. It's been weeks and it still has not listed. Is this unusual?

Sally
Home Buyer
Jones, OK

Answers (2)
Brittany Simone...
Agent
Columbus, OH

Sally:

It is not uncommon for months to pass between sheriff sale and the home hitting the market on the MLS. During that time the bank is ordering appraisals and broker price opinions, clearing liens on the property, waiting for the sheriffs deed and possibly making repairs to make the property more marketable.

I personally feel the process should be shortened. Alot of damage can occur to a vacant home. (broken water pipes, roof leaks, flooded basement, vandalism, rodent infestation, etc.) I have been in hundreds of foreclosure homes that have wet basements-some even have mold growing because there is no electric to run the sump pump. These homes left in this kind of condition are dragging down the property values because they are then sold at an even lower market value due to their condition.

Thu Jan 29 2009, 08:42
Lynn911.com Dal...
Agent
Dallas, TX
FIRST ANSWER

NO it can take up to 6 months prior to bank process thru legal system, assest mgmt companies, prep for public viewing, locks changed, contracts between listing agent, legal standards of state, OR it may never hit mls and sold an inventory group too investors.

Web Reference: http://www.lynn911.com
Tue Jan 27 2009, 11:54

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