Foreclosure in 94547>Question Details

Mary, Home Buyer in 94580

In Hercules, CA, which remains on market longer; short sale or foreclosure single family home?

Asked by Mary, 94580 Thu Jan 8, 2009

In the Hercules area (in particular the "gems" street neighborhood), I was told by a real estate agent that a short sale would stay vacant longer than a foreclosed home because banks came in more quickly to take over a foreclosed home so as to not leave it appearing to be "abandoned", thus affecting adjacent property values. Is this true about this area? I've always thought a foreclosed home would be vacant longer than a short sale property?

Help the community by answering this question:


What generally happens is that once a bank forecloses on a home, they get it ready for the market as quickly as they can and then list it for sale. Getting it ready can be anything from clearing off any liens and re-keying to repainting, carpeting etc. It depends on the bank and how bad the property is. Remember though that once the property is owned by the bank they want it sold as quickly as possible.

If a vacant home is offered for sale as a Short Sale it will certainly be vacant for many weeks, maybe months. The banks just do not seem able to respond in a timely fashion to proposed short sales and even when they do respond it will take a very long time, particularly when more than one bank is involved.

Bernard Gibbons

Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
1 vote Thank Flag Link Thu Jan 8, 2009
Just to add a little more information on this question. Short sale and foreclosures are two different animals based on the following facts. A short sale is still owned by the seller/owner/mortgagor-in other words the real person who lives or lived in the home. A foreclosure is when the bank has actually taken the house back from the seller.

When dealing with a short sale, you are first dealing with the seller and then the bank. In a foreclosure, you are dealing directly with the bank. This is where the question "which remains on market longer" comes into play. If it's a short sale, then there are two parties you must deal with and sometimes one of the parties (the bank) may take some time to complete the process. In a foreclosure, you only deal with the bank and they are generally more quicker to sell the property to take it off its books. Banks are not in the business to sell and buy property-they are in the process of lending.

Hope this can shed some light on your question.
0 votes Thank Flag Link Wed Oct 13, 2010
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