How long does a bank hold a home for and what happens if it does not sell?

Asked by Debbie Civitillo, East Hanover, NJ Fri Jun 13, 2008

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5
Laura E. McG…, Agent, Bradenton, FL
Fri Jun 13, 2008
Hi Debbie... In my review of properties in our area, it varies. It is more common that a decision on offer(s) may be made in 7 to 10 business days. If there's no acceptable offer, they adjust the price. They are motivated to get a property sold and cut expenses.
0 votes
BOBBIE CONF…, Agent, Marco Island, FL
Fri Jun 13, 2008
Hi Debbie
Banks are not in the real estate business. They will price a home to sell and keep dropping the price until they get offers. It will always sell but the price will set the tone.
Web Reference:  http://www.conferonmarco.com
0 votes
Jeff Launiere…, , Tampa, FL
Fri Jun 13, 2008
Once the bank takes over a property due to foreclosure they want to sell the home quickly. They tend to go through regular price reductions until the home finally sells. Some banks are now offering the home for a low asking price but then say they will accept the best offer that comes in before a set date. I have been finding about a week the normal amount of time. I was involved in one recently where there were seven offers. My buyer offered the asking price of $229K all in cash with no contingencies and they lost out to someone who offered $20K more. The bargains are getting multiple offers.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Fri Jun 13, 2008
Who Knows? My guess is that a lender will not hold a property for very long. The lender will wholesale the property to an investor- my guess is that a lender will not keep a property for more than 3 months.
0 votes
Brian and Di…, Agent, Naples, FL
Fri Jun 13, 2008
Hi Debbie
The bank will hold the property till it is sold. They are not in the real estate business and it does not benifit them to have an inventory of unsold homes.
Web Reference:  http://www.caronhometeam.com
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