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
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 firstname.lastname@example.org
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.
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.