How long will it be until the house is on the market?

D
Home Buyer
Minnetonka, MN

There is a short sale that we're interested in and have put an offer in on but haven't heard anything. Anyway the redemption period ends in mid April, which according to my research means the agent will lose the listing and it will become an REO property. Does anyone know how long it typically takes to be put back on the market? The property is abandoned. Our realtor stinks, and has been zero help so I highly doubt she's actually calling Countrywide to help with the short sale.

Answers (7)
Mike, Kim & Apr...
Agent
Wayzata, MN

Call me sometime i would like to hear more of your storie. 952-405-2891

Fri Mar 27 2009, 11:48
D
Home Buyer
Minnetonka, MN

The redemption period is just ending in April. The keys are locked inside the house and they won't pay a locksmith to come in. Think that will hold up the process? I dont care about the inside I just want to bulldoze it anyway! I dont think I have ever wanted something so badly!!

Fri Mar 27 2009, 08:06
Mike, Kim & Apr...
Agent
Wayzata, MN

Is this home still in the redemition period? Or is it bank owned, makes a bid difference. If it is still in the redemition period the owner can still come back and claim the home but must pay ALL back payments, bank fees ect. This dosnt happen very offten but it is there right to do so. That is why they call it the redemition period.

Fri Mar 27 2009, 06:52
Aaron Dickinson...
Agent
Minneapolis, MN

If the Redemption date is in the next month or so, this makes a lot of sense. The short sale and REO departments are often completely separate and don't share information or prospects between them.

Thu Mar 26 2009, 21:42
D
Home Buyer
Minnetonka, MN

It was Dual Agency but we were informed today that the bank wouldn't entertain any offers b/c they couldn't close it before the foreclosure date. Does this sound weird?

Thu Mar 26 2009, 14:20
Mike, Kim & Apr...
Agent
Wayzata, MN

Are you working with your agent as a Buyers Rep. or does your agent represent the seller and you as a dual agent?

Thu Mar 26 2009, 07:17
Aaron Dickinson...
Agent
Minneapolis, MN
FIRST ANSWER

It takes typically 2 weeks to 2 months to have an house come back on the market. Your agent is not allowed to contact Countrywide directly due to issues of Agency and/or Realtor Code of Ethics. It is considered interference in an agency relationship (the listing agent and the seller) and there are also serious privacy issues that would prohibit Countrywide discussing it with anyone other than an authorized representative of the Seller.

Short sales are tough... I'd say only about 1 in 3 go through. You may have a lousy Realtor but I think it is more likely that the communication between you two is not as good as it should be.

Wed Mar 25 2009, 15:35

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