Home Buying in Dayton>Question Details

Lonnie, Home Buyer in Dayton, OH

How long does it take for a bank to list a property with a realtor after they buy it back at a sheriff auction?

Asked by Lonnie, Dayton, OH Sun Oct 11, 2009

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Mark Ryan’s answer
Lonnie,

I guess the real answer here is NO ONE knows.... could be quick, by quick I mean 2-3 months could be over a year... Teh real thing here is to consider if "that" house is really that great OR with all the bank owned and HUD homes out there right now, could one of those work?

The DEALS are great right now.... RATES are great right now... And there are a ton to PICK from...

If you wait for this house interest rates could be way up... just dont know what the future will bring... Can you qualify for the first time buyer tax credit? If so, that has to be closed by the end of Nov... Dont wait and miss out on all the things we know for certain

Hope this helps!

some assistance.
0 votes Thank Flag Link Sun Oct 11, 2009
There are many leins that could follow the property. Local, state, federal tax leins will follow as well. Water bills also, but if the area you buy in requires you pay a seperate bill for trash that follows the property as well.

As mentioned by David, the eventual sale will give you a Clean Title. Most REOs are sold with a title policy IF you use their title Co for the research. I could give you a list of successful purchases and give you a list of failed purchases for various reasons.

Without knowing the backround though as to why the house was at the sheriff sale, an address your answer will be vauge.
0 votes Thank Flag Link Sun Oct 11, 2009
It really does depend on the bank. Along with the process of physically preparing the property there has to be a number of Broker Price Opinions (BPO) conducted and then the file has to pass across a number of desks before the bank makes its decision on what to list the house for. The only lien that follows a house beyond auction however is a water bill. I've seen them get pretty high, but mechanic's liens are cleared because the sheriff's department must, as in any closing, present the home with clear title. It's a long process to complete so if you are waiting for a specific home that just passed through auction, I'd pour a cup of coffee. I've seen it take longer than a year.
0 votes Thank Flag Link Sun Oct 11, 2009
Our office represents many banks in a large number of bank owned properties. It usually take at least 30 days from the sheriiff sale for the redemption period, then the bank works to clear the title, clean out the property, winterize it, and have it appraised, so,therefore at least another 30 days is expected. From my experience, it is usually at least 3 months before the real estate company puts in back on the market.
0 votes Thank Flag Link Sun Oct 11, 2009
There is no "real Answer", it depends. Sometimes the bank buys back the property that has other leins that need cleared. The house will need to be prepared (winterized, trashed out), reevalutated to determine if it is occupied, etc.

I've seen them go on the market with 60 days I've seen them delayed for more than a year.
0 votes Thank Flag Link Sun Oct 11, 2009
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