Home Buying in Sebago>Question Details

Cindy,  in Standish, ME

how long does it usually take for a bank to take over a home that is in foreclosure??

Asked by Cindy, Standish, ME Fri May 14, 2010

we put a offer in on a home (camp) that needs alot of work, already in foreclosure,(3 months) our offer was refused, and the bank says it could take up to 8 more months before it actually takes it, home is vacant, no payments have been made for about 1 year, the home was left to a relative who has no financial interest in it, they are not responsible for making any payments, actually more is owed on the home right now than was purchased at?? Just cannot figure the logic out, Thank you

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Hi Cindy,
It sounds like the foreclosure process has not been completed. The process can take anywhere from 12-18 months. The seller has the right to redeem the loan until the gavel falls at auction. So until the auction is completed and the foreclopsure process is completed, the bank does not actually have the legal right to sell the property. They sort of sit in "limbo" for a period. If this is the case, your only option would be to buy direct from the seller who stillowns the property until the foreclosure is completed.
Good luck!
Linda Gardiner
Town & Country REALTORS
1162 Union Street
Bangor, ME 04401
207-478-5841
0 votes Thank Flag Link Fri May 14, 2010
Hi Cindy,

Sounds like your offer may be too low.

The "investor" that actually owns the mortgagen will do their due diligence as far as value and hire an appraisal. Based on that appraisal your offer was rejected.

Once it goes through the foreclosure process and the lender takes ownership it will then be re-listed (probably above what you offered) and then you will be in a bidding battle with other investors.

So I recommend that you re-evaluate your offer...otherwise you may have to pay more in the future when you are in a bidding war.
0 votes Thank Flag Link Fri May 14, 2010
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