good morning.....i would be prepared for a time delay....first, it depends at which stage of foreclosure the home is currently in....the home will be re-listed....but with whom?....also, if the current owners walked away prior to the end of redemption, the only way the redemption would shorten from the usual six months would be for the lender to file an abandonment affidavit...then the redemption is shortened to 30 days from the date the abandonment affidavit was recorded...perhaps they walked at the end of redemption...in which case the deed automatically transfers to the lender, or who bought the mortgage at the foreclosure sale.....also.if there was a pmi co. involved with the defaulted mortgage...it will take some time before the mortgage co. can settle with the pmi provider........and only then can the proper price be published for the new real estate co. to offer it for sale..and of course check for clear title.....i hope that helps...bob mcclure- success mortgage partners- plymouth, michigan....

Good job, Justin!

Very true advice below. Your agent needs to put on their detective hat and find the folks that walked away. Of course if they do not want to cooperate in the laborious effort of preparing for a short sale, they may just want to let it go ... which is ALWAYS the silly choice.

Best of luck to you.


Derek

Hb, Justin is partially correct in his advice. Have your agent check the sherifs sale date. If the homeowner has truly walked away, the bank has an opportunity to shorten the redemption. Just recently I have represented 2 buyers who had a similar situation. I kept an eye on the properties and was able to help my buyers acquire the properties for less than the short sale price. Both times it was less than 6 months from their original offer.
Good luck.

I had something similar happen to me. We looked at a home that was trying to short sale. Before we could put in an offer, it went into foreclosure. In Michigan once a house goes into foreclosure, the bank will give the owner a six month redemtion period. After that it takes 1-3 months for the home to be relisted. So it could take up to nine months or more to come back on the market. We looked at this home last September right before it went into foreclosure and it has yet to come back onto the market. So unfortuanately you might be in for a long wait.