Home Buying in Walnut Creek>Question Details

Jogreggre, Home Buyer in Concord, CA

I see foreclosed properties that are empty (at least the photos show an empty place) that have been on the market for hundreds of days. What's up?

Asked by Jogreggre, Concord, CA Sun May 11, 2014

Are these properties hopelessly tied up? Are they really sold? Does anyone ever successfully buy these properties? Some of these listings show dates of more than a year ago. Thank you.

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When there is a foreclosed property the bank owns it because the mortgage holder couldn't make payments, and was unable to lease back the property from the bank till they sold it.

Yes they can be bought as it's a matter of finding a buyer that is willing to go through the painful process with the bank to get the debit from the former owner settled and the new want to be buyer a good price, then being able to fix the abandoned property to where its in a livable state again... Most buyers don't want the hassle or agents discourage the buyers as it is a long and tedious process for everyone to go through, and they can get another home that is less work and a better guarantee that it will close with little problems.
0 votes Thank Flag Link Sun May 11, 2014
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