Property Q&A in Molalla>Question Details

David Soares, Home Buyer in 97038

I believe Wells Fargo sold home to fha in January. will home go on the market as a foreclosure and when??

Asked by David Soares, 97038 Mon Mar 16, 2009

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In the last 45 days or so the time between the foreclosure sale/ auction and remarketing the home has drastically reduced. 4 months ago the average time could have been 2-5 months in what I call "Shadow", where the home is bank owned but not on the public market. Now I am finding homes that are foreclosed and on the market in as little as 15 days. There are a few factors that are in play for this. One is spring season always shows a spike in sales. As more sales happen, the banks and agents gain some confidence in their pricing and know homes are selling, thus it is safe to put more homes on. Banks are often careful not to flood a certain area with too many good deals, especially when they could compete with themselves down the street. Geographically tracking these helps. More reasons for the reduction in time is the staffing and systems to handle the volume are being figured out. Basically their departments are getting used to doing business now. Relations with cleaning companies, Brokers are strengthening. The list goes on. If you want to know more, I would be happy to show you how we research bank owned property in Oregon. We track every property, not just in MLS but have designed software to reveal habits/trends and break them down by bank, broker, area in order to spot a pricing pattern. Alot of manual labor goes into the tracking system we use but it is worth it for our buyers and investors. We hold a monthly event at the Portland Home Builders Association to show how we do this if you would like to attend. This coming Saturday May 5 at 9:30 am is our next event. Meet the agents, investors and other buyers learning the market and where to look for the best properties. Check out the site below to see times and register, its free.
0 votes Thank Flag Link Sat May 2, 2009

Wells Fargo bought the home at a foreclosure sale in January 2009. Where and how they market it after that can vary; however, these things are always listed with a relatively local real estate firm, and can take anywhere from a few weeks to many months before being put up for sale to the public. The time it takes depends on the backlog of foreclosed listings that the bank has, and on how much work they feel they have to do to the property in order to get the best price in the shortest amount of time.

Your two best options if you are interested in this property: (1) Find a good real estate broker to keep his eyes open and alert you as soon as it's available, or (2) Find a web site you like with lots of listings.

Best Wishes,

Craig Loughridge
Bryson Realty
Beavercreek, OR
Web Reference:
0 votes Thank Flag Link Mon Mar 16, 2009
Yep in process David. Keep an eye on the mls or hire a good Realtor to watch it for you.
They do not always come on at really great prices....but I am sure it will be a good value.
Great Question.


Dirk Knudsen
Re/Max Metro Gold
Web Reference:
0 votes Thank Flag Link Mon Mar 16, 2009
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