Home Buying in 90036>Question Details

Mamaison, Home Buyer in Los Angeles, CA

I am interested in a property that has been listed as a short sale for the last 150 days, and has dropped the

Asked by Mamaison, Los Angeles, CA Tue Oct 7, 2008

original list price from $650K to $525K.

How longs do Banks take until they actually foreclose on a property?

Help the community by answering this question:

Answers

7
Hello Mamasion,

The amount of time it takes a bank to foreclose can vary. Some times it can be in as little as 90 days after the notice of default is filed. I have seen cases where people where in a home for over a year before they were actually foreclosed on.

Brst of Luck to You,

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Jun 30, 2012
A home can be listed as a short sale even before the homeowner actually makes a late payment. Most of the time (ea. bank is different with their timelines) after 3-5 missed payments the Notice of Default is issued.

Then the homeowner has 3mos. & 3wks to sell or get under a contract before the home would go to auction.

If a contract is put in place prior to the auction date, that auction date CAN be postponed, sometimes as much as 3 more months.

You have a particular property in mind. If you can give me the address, I can find out how far along the seller is in missed payments & find out how many banks the owner might be dealing with (whether they have a 1st & a 2nd & maybe even a 3rd loan) It can get tricky. I have closed short sales with 3 loans against the property.

My opinion, is that if a property has been in Active status as a short sale for 150 days, the listing agent may be inexperienced with short sales. I have a specific list of questions I ask listing agents of short sale properties to find out just what the Heck is going on.

You can reach me at 562-430-3053 or email me at emilyknell1@yahoo.com
0 votes Thank Flag Link Thu Oct 9, 2008
If they do not get an offer in, the property can be foreclosed on less than the two years Keith described. Even though a house has been listed on short sale, the owner might have listed after they received notice of default or before they anticipate receiving it, etc. So, you really don't know. If there is an offer, then the lenders will postphone foreclosure to at least evaluate whether the offering price is what they will accept.

I am from Marini County and I am with Keith, we are seeing multiple offers in nicely priced short sales and REOs. This is a great time to get into (for me, Marin County) a house so a lot of first time home owners or people who have been wanting to relocate to the Golden State are out, scouting and purchasing homes.

Best,
Sylvia
0 votes Thank Flag Link Wed Oct 8, 2008
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
Wait another year, save another 20% on the price. Good Luck
0 votes Thank Flag Link Wed Oct 8, 2008
Mamaison
I attended a meeting yesterday and the speaker, a noted direct lender in our area, said that based on the statistics he sees, it may be that lenders may not get to a property (in terms of issuing the Notice of Default and foreclosing) for up to two years.

I would not count on that in most areas of Los Angeles. There has not been a lot of new development in most areas of Los Angeles so we do not have as great a number of foreclosures as outlying areas like Palmdale or Lancaster, Riverside county, etc.

In my markets we are seeing properly priced REOs and Short Sales receiving multiple offers and selling above asking price.
0 votes Thank Flag Link Wed Oct 8, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
In this market it can take some time. I've presented severaloffers for clients, some successful, some still waiting. Let me know and I can assist you
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Wed Oct 8, 2008
I do not live in you area, but you should be able to check the local tax records and see if it has been scheduled for a tax, trustee, or sheriff's sale...whatever the procedure is in your state and county. But basically it can easily take 6 months or more. Once the foreclosure process is completed it can still take a few months for the bank to get it listed for sale again. Sorry to be so general, but I hope this helps a little.
0 votes Thank Flag Link Wed Oct 8, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer