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Alicia, Home Buyer in Monrovia, CA

How long does it take a foreclosure to become a REO after an auction? It looks

Asked by Alicia, Monrovia, CA Sun Jul 20, 2008

like the bank bought back the home on 7/2/08 and its showing on Realtrac as a bank-owned but not showing on the MLS. Will it become a REO or can it be sold within the bank?

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It usually goes on the market within 2-3 months...depending on the lender and how much work needs to be done to get it ready for market..

The bank will not deal with you directly......if you contact them your name will go into their system (if you get that far) and the realtor assigned to sell the home will contact you when the home goes on the market.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sun Jul 20, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
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just because thebank reposessed the property doesnt mean that they will list it with a realtor on MLS. If there is alot of money to be made from the repocessed property, the property will be sold to close friends of bank management for quick flip, all the garbage or low profit properties will go on the market

he with the gold, makes the rules
0 votes Thank Flag Link Sun Jul 20, 2008
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