Foreclosures? There are two houses that I was interested in that were on the market, didn't sell, are sitting vacant, but are now off the

Asked by U, 55927 Thu May 27, 2010

market. Did they turn into forclosure? How long will it take for them to be back on the market? There is one in particular I loved, but while went throught he application process for our loan, it went off the market. It still is sitting vacant, and is not listed as being sold. What is going on?

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CCC, Home Owner, San Diego, CA
Thu May 27, 2010
Hi U, you are not alone in your question.

I will say that any person had the same question and there is no answer.

From Investors selling the note at discount to other investors, banks just watting for the property to show on their list of available to no body knows.

Last foreclosure I follor, it took 4 months to go for sale. Another , one of my listings, it's been more than a year, and has not been for sale as of today.

So, just wait.

What county are you looking for those properties?
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Brad Anderson, Agent, Maple Grove, MN
Thu May 27, 2010
If you supply us with the addresses we can help. If you are working with an agent, have them find out for you.
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Susan Hoffla…, Agent, Shoreview, MN
Thu May 27, 2010
Oy! Good questions all! But, unfortunately, there is no "way it's always done" when it comes to foreclosures. Depends on the bank, whether local or out of town. Depends on the administrator of those properties files. Depends on whether or not that debt got sold to another financial entity. Depends, depends, depends. Sometimes, when the property gets past the redemption period, it can take several months for it to come back on the market.

I might be wrong in assuming this, but you say you were pursuing buying one of these properties. Didn't you have an agent working for you? If not, why not? Buyers rarely realize that having an agent working on their behalf will, most likely, not cost you anything out of pocket. Agents are the professionals dealing with these types of transactions all the time. It's our job. I would never want to jump in to someone else's job and try to do it to the expected standards, especially if it impacted my well being in some way.

Good luck, U!
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Rachel Luckow, Agent, Savage, MN
Thu May 27, 2010
The bank is either selling it as part of a bulk purchase to an investor, changing listing agents or it is going to auction. You can try contacting the previous agent to see if they know what is happening, or have an agent do that on your behalf if you don't know who that agent was.
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