A forclosure that I want was sold to the bank. It's been weeks and it still has not listed. Is this unusual?

Asked by Sally, Jones, OK Tue Jan 27, 2009

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Reena Kanner, Agent, Cleveland, OH
Wed Sep 15, 2010
Not at all. After the bank receives the property it has to have a deed made to them which can take months. They can not sell it until that time as it is "not their property". I had one last year that took 2 1/2 months until the property was available. The sheriff and appraisers are all part of the process. Whn another property I had a buyer for, the bank went in made major repairs, painting and put in new appliances. When it finally came on the market and I showed it, my buyer offered much less and the bank took the offer. In fact it sold for less than the bank purchased it for. You just never know...
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Brittany Sim…, , Columbus, OH
Thu Jan 29, 2009
Sally:

It is not uncommon for months to pass between sheriff sale and the home hitting the market on the MLS. During that time the bank is ordering appraisals and broker price opinions, clearing liens on the property, waiting for the sheriffs deed and possibly making repairs to make the property more marketable.

I personally feel the process should be shortened. Alot of damage can occur to a vacant home. (broken water pipes, roof leaks, flooded basement, vandalism, rodent infestation, etc.) I have been in hundreds of foreclosure homes that have wet basements-some even have mold growing because there is no electric to run the sump pump. These homes left in this kind of condition are dragging down the property values because they are then sold at an even lower market value due to their condition.
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Dallas Texas, Agent, Dallas, TN
Tue Jan 27, 2009
NO it can take up to 6 months prior to bank process thru legal system, assest mgmt companies, prep for public viewing, locks changed, contracts between listing agent, legal standards of state, OR it may never hit mls and sold an inventory group too investors.
Web Reference:  http://www.lynn911.com
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