Home Buying in Monroe>Question Details

Ann, Home Buyer in Monroe, MI

A house is taken back by the bank - it has been listed with a real estate company - they state it isn't in

Asked by Ann, Monroe, MI Wed Apr 9, 2008

'the system so no purchase price is available?
What is the average time that a house sits vacant waiting to get into the listing system? How can you make an effort to be an early bidder? Thank you.

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2
Ann, I have sold many foreclosure properties over the years and they are full of special terms & conditions. Many times a home will be empty for a year or more while it goes through the legal process of foreclosure. After it has been turned over to a Realtor, it is very close to becoming available for sale. The Realtor has to have it cleaned out and do a marketing study for the owner-bank or mortgage co. before it is actually listed and offered for sale. Typically, the owner will also have it appraised, so they know the value of the property in this market. After all this is complete, they will then make it available for sale at a current market price. I have never seen a house in Monroe or WM sell for "pennies on the dollar" as touted on late-night TV. Buying these properties usually involves LOTS of paperwork and a significant deposit. They are always sold "as is, where is" meaning the owner will make NO REPAIRS even if the plumbing has been ripped out or the A/C is broken.
Let me know if I can help you with any other questions, or if you would like to see anything on the market.
Gayle Causey
Keller Williams Realty
Monroe, LA
gayle@gaylecausey.com
0 votes Thank Flag Link Thu Apr 10, 2008
Ann, If you like I can check it on Realtytrac.com. It is a paying site but I am a member and they do a good job of tracking preforeclosures and foreclosures. If you give me the address I will take a look and see what the system says.

Larry Story
Coldwell Banker Triad
larry.story@coldwellbanker.com
0 votes Thank Flag Link Wed Apr 9, 2008
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