The foreclosure process, in California, is usually 3-4 months. Once the owner stops making the mortgage payments, the Notice of Default (NOD) is filed. This starts the foreclosure process and ends with the Trustee sale at the courthouse steps. For the last few months the banks have been holding on to properties, for several reasons. We should start seeing more REO's in the next few months.
Saying that, the home could be on the MLS 30-60+ days after the Trustee Sale.
The next step in the foreclosure process is the Notice of Trustee Sale (NOT). Some websites call this Trustee Sale. Then you will see AUCTION, this is the legal process of auctioning the property at the courthouse steps.
Let me know if you have any additional questions or would like a list of pre-foreclosure and foreclosed homes in the San Jose area.
Joanna Bateman, DRE 01792532