Home Buying in 29407>Question Details

sistasarah, Home Buyer in Charleston, SC

How long (usually) after REO/Trustee Deed is closed before a house is available for auction/sale?

Asked by sistasarah, Charleston, SC Tue Jan 8, 2013

I am a buyer- found a house just a few days after the short sale ended- it is listed as forclosed now but has yet to be put up for sale and im curious how long it usually takes to go from the short sale ending on Aug 19 to REO Trustee Deed sale on 10/18 to being able for me to buy or bid on it?

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2
Kimberly Layman’s answer
Hello,

It all depends on what bank processed the foreclosure. Some banks work faster than others. With your dates above I would of hoped it would of already been listed for auction. Keep an eye out at hudhomestore.com to see when it appears or email me the address and I can do some follow up for you as well from my database.

Thanks and Have a Great Day!
0 votes Thank Flag Link Tue Jan 8, 2013
Perhaps you have heard us referring to SHADOW INVENTORY:

The Banks appear to be holding on to a lot of houses;
They can do this, because HUD is doing a lousy job of monitoring them. They are not supposed to hold houses, but rather, divest them quickly.

It could be 3-5 weeks: If you don't see it LISTED by then, it will not happen for a while.
0 votes Thank Flag Link Tue Jan 8, 2013
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