Generally, how long will a forclosed home stay on the market? Every house I look at always has multiple

Asked by Danggdani, 85204 Sun Jul 5, 2009

offers yet they still stay on the market for months. Are banks waiting for that certain offer or are they just seeing how much money can be squeezed out of the home?

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Holly Grigai…, Agent, Cottonwood, AZ
Sun Oct 11, 2009
Pat-

I have been on the Trulia absent list for quite awhile ( monitoring quielty) and realized how much I missed you and your wonderfully colorful answers....! I gotta get down there and have a tall cold one with you one of these days......
Hmmmm...DNA sample.... I will have to put that on my list of hoops to make the buyers jump through when writing offers on our foreclosoure inventory.... along with a hair sample, and urine sample..... great idea!!!!!
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Mr.P, , Arizona
Sun Jul 5, 2009
Yes I am a Realtor stud, a sweaty stud at that. Just to clarify, N of baseline, S of University, E of Stapley, and W of Greenfield. Mostly if not all Bank Owned.

Now Mr. Jay, the tough part was not getting in and out of the car in 100 plus degree HEAT, it was calling, emailing & texting all of those LA, where as most never did returned my friendly correspondence. Oh wait it gets better, of course no pic`s of property, & my buyer needs to submit a DNA sample before the Bank will consider their offer.

Planning a big tour of QC this week, would you like to come with? Actually it will be a late night tour, because there is not one drop of shade in that town. I will have my Wife drive so I can drink, and remind myself of why I choose such a fulfilling career.
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Mr.P, , Arizona
Sun Jul 5, 2009
Yes you maybe looking at short sales, however if you have been looking, you know the difference between a short sale & foreclosure by now.

It could be the Search site you are using, if it is not FLEXMLS....forget it. Even then some Realtors leave homes Active until they close.....it bugs (really bugs) me too.

It appears you are in the 50 to 150K price range in Mesa. These homes are getting done quickly....for the time being.
A big portion of these sales are cash buyers. The bank doesn’t have to worry about appraisals, quick close.

I myself can’t understand why some of these homes, which need a ton of work are receiving multiple offers. Do they really think they are going to flip these homes?
Just in the past week the amount of Single family rentals available have spiked. The rental prices are getting competitive; add in the amount of apartments that are vacant. I expect market rental rate to be reduced during the next 18 months. We just don’t have the paying job market.

Personally I feel the banks are holding back on their inventory, and just getting rid of the dogs.

The foreclosure market is alive & well, and will be with us for some time.

BTW in the last week, I have personally walked through 90% of the homes in Mesa that are currently on the Market priced 75K – 125K. Placed a few offers only to be beat by cash buyers.

Good Luck
Patrick
480-543-9899
Web Reference:  http://www.AZRE.TV
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Carlos Ramir…, Agent, Mesa, AZ
Sun Jul 5, 2009
Danggdani,

On many parts of Phoenix foreclosed homes are receiving multiple offers within days of being listed. After receiving the first offer the bank can take anywhere from 3 days to 2 weeks to respond and during that time they keep collecting offers. The property might also stay as active or AWC for a few more days after the verbal acceptance, or issuing the seller's addendums, while the doucuments get executed. But I have never seen a foreclosed home staying active for months after receiving mulitple offers. Also please keep in mind that many of those foreclosed homes, specially the ones receiving multiple offers, are selling for over asking price.

Most probably what you are talking about are short sales. Short sales can take up to 6 months to get a response from the bank and during that time the seller can keep collecting offers. Rarely a short sale gets to close and generally the bank wants more money than what the seller listed it for.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
http://www.SmartAZRealty.com
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Brad Bergami…, Agent, Prescott, AZ
Sun Jul 5, 2009
Are these Short-Sale properties? You might be looking at short sale properties. Some of these are staying on the market for months, with mulitiple offers. Bank owned properties usualy take an offer and run with it.
hope that helps,
Brad
Web Reference:  http://BradBergamini.com
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