If a property is already foreclosed by the bank does it have to go to auction or can the bank sell it to someone how long is the procedure

Asked by djp741, West Palm Beach, FL Tue May 15, 2012

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marc jablon, Agent, Boca Raton, FL
Thu May 30, 2013
If you are looking to purchase one foreclosed home in West Palm Beach, then you will need to speak to a West Palm Beach real estate agent and tell your agent what kind of home you are looking for.

If there is a foreclosed home that matches what you have in mind, your West Palm Beach realtor will be happy to show it to you. But you should be aware that most foreclosed homes (also known as REOs) end up being purchased for cash for investors.

If you are planning to use a mortgage to fund your purchase, your chances of being able to purchase a foreclosed property are relatively slim.

Unless you ask your real estate agent to search for FannieMae homesteps properties. Those homes ask for bids from purchasers who are not investors to be delivered within the first 15 days that they are on the market.

That means the bank will consider bids that are backed by a mortgage. However, your offer will be one bid out of many and you will not know what the other bids are.

So look at the home carefully, decide what kind of work it may need, what it's worth to you, and then make the highest bid you can, based on market value. Because if you're purchasing with a mortgage, there will be an appraisal involved.

As for how long the process may take, that is a guess. It could take 30 days, it could take 60 days, or it could take longer.

If you're in a hurry and you have a deadline by which you must move, foreclosures are not for you. Also, be prepared to be disappointed most of the time.

Consider looking for a home still controlled by an owner. You'll have a response to your bid in 48 hours and you can typically close within 45-60 days.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes
Michael Emery, , Minneapolis, MN
Tue May 15, 2012
If the property has gone through a foreclosure process and is now owned by the bank, the auction has already occurred. Once the bank gains legal title to the home, they will list it for sale with a real estate agent.

Talk to an agent in your area about setting up an auto search on the local MLS which will send you an email when the property is listed as 'for sale' on MLS.
0 votes
Teddy Jagess…, , Wellington, FL
Tue May 15, 2012
In most cases when the bank sells a property retail it is through a Realtor, you can have a realtor flag the property to see as soon as it comes on the market, the banks do not generally see direct to a buyer a single property. Get a free ebook on bome buying http://www.pbfloridahomes.com/homebuyer/
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