This limbo state varies as I said but before the bank lists the home for sale they have to do many things first, make sure its not occupied (aka cash for keys or an eviction), get broker price opinions (BPOs) and formal appraisals and then assign it to an affiliated Realtor. This Realtor lists the home at the bank approved price and thee Realtor takes on the utilities and any repairs needed to obtain the best offer possible.
I digressed a bit, there is no real answer to when a home that is bank owned will come on the market and at what price. I do have access to a foreclosure site and can tell you when a home is going up for auction and even what is sold for if it sold (90% of auction sales are postponed).
I look forward to talking with you and answering any other questions you may have,
Brian Wilson, Realtor
I can give you a list of the mountain of bank owned properties, but that is not going to do you any good. There's no way to tell when the property is going to come on the market, because the banks are trickling in this inventory to control pricing in the marketplace.
The best way you can go about getting into an Investment property you're happy with is to define the specific areas you can afford & want to look in. Once we've narrowed down those specific areas, then we can dissect what's on the market, be it an REO or a short sale or otherwise, do the comps & figure out, at what price can I get one of these that would be the best deal.
If there isn't one ON the market that looks like the best possible deal, then I'll talk to you about how I can Make one available where we can get a lower price.
Email me directly if you'd like to discuss my strategy further. Don't send me @ msgs here on Trulia, as I don't look back on this same Trulia thread for answers after mine, send me a msg. directly.
Realtor Since 1996
Main Street Realtors
Distressed Property Expert
There are several ways to get info on pre-list REO properties. Like web sites mentioned below, However; some if not most of the info to the public is miss leading. UN-less you know the right websites to go to. If you need or would like more info on how to look for and find distressed properties in the orange co. area you can call or email me or go to my website and contact me there.
Make it a great day and good luck,