How long will a house stay in the Notice of Default status.?

Asked by Needahouse, 60047 Tue Apr 7, 2009

When does the control move from the owner to the bank to handle offers from potential buyers?

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Kathy Diegel, Agent, Elgin, IL
Tue Apr 7, 2009
It could take 90dys to a year since the banks are so backed up right now. Let me know which house you are referring to and I will let you know the moment it is controlled by the bank.

Kathy Diegel
Coldwell Banker
350 Half Day Rd
Buffalo Grove 60089
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Peter Schif…, , Northbrook, IL
Tue Apr 7, 2009
Once the title is transferred officially to the bank they decide how they are going to market it. Most of these homes are listed through a professional real estate company and appear on MLS. All offers would be handled through the listing agent that presents offers to the owner (lender) and helps negotiate the deal. You can not negotiate or submit offers to the bank if the property is marketed by real estate company.

You as a buyer are entitled to FREE support from professional buyer's agent.
If you need an experienced realtor that will help you search the current inventory, advise on the suggested offer, prequalify you for a mortgage if needed, and help negotiate the deal - please contact me. I will be glad to help you with your purchase.

Peter Schifrin
Realtor®, Sr. Loan Officer
Express Real Estate Group, Inc.
847 630 6843
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