Home Buying in 85281>Question Details

Kcamp, Home Buyer in Gilbert, AZ

If a house is currently a short sale, there have been no offers put in and it is set for foreclosure on 5/27

Asked by Kcamp, Gilbert, AZ Tue Apr 14, 2009

- what are the chances it will end up a bank owned property (or will it sell at a foreclosure auction) and how long does that take?

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4
May 27th is a long ways off, so chances of getting an offer are pretty good if it's priced right. Hopefully you are working with a qualified, educated realtor who has experience in short sales.

If the house does go to Trustee Sale, it may be purchased by an investor who will then notify you that they are now the owner of the property. It could also become a bank owned asset or REO. If it does become a REO, the bank will send a realtor to your home to notify you that you no longer own the home and ask you to vacate. Depending upon who the servicer is you may be offered cash for keys to leave the house in broom swept condition.
Susan Lehmkuhl
Associate Broker
The KUHL Team
your Phoenix Real Estate Source at
Buy and Sell Smart Realty
Direct: 623-256-7270
Email: Susan@PhoenixRealEstateSource.com
0 votes Thank Flag Link Thu Dec 22, 2011
the foreclosure date could be pushed back if the lender believes it is being marketed properly and there is a chance of the home being sold. banks dont want to foreclose if they dont have to
0 votes Thank Flag Link Wed Dec 21, 2011
Hello Kcamp,

The chances of it getting taken back the bank are quite strong. The chances of it actually selling as a short sale are not that great, especially since it doesn't even have an offer yet. The only way it will be bought by someone other than the bank at the auction is if there is equity in it. However, if the property had equity, then it most likely wouldn't be a short sale. I would say that there's a 90% chance it will end up becoming bank owned. Additionally, banks can take anywhere from 2 weeks (fast) to 3 months (slow) to get the property ready to be sold.
Web Reference: http://www.stevetrang.com
0 votes Thank Flag Link Sun Apr 26, 2009
Kcamp,

The property will sell at foreclosure auction, but most probably it will be the bank holding the note the one that will end up buying it. They are usually the highest bidder on their own properties. After that the bank can sell it to investors as a package (wholesale), or might end up putting it back on the market as an REO. Depending on the bank that might take a couple of months.

Carlos
ABR - Accredited Buyer Representative
http://www.SmartAZRealty.com
.
0 votes Thank Flag Link Tue Apr 14, 2009
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