Atkins, Home Buyer in Nashua, NH

hi - how long after a foreclosure auction is a house listed for sale? There is a house nearby that was auctioned on 8/9/10 - my friend was interested

Asked by Atkins, Nashua, NH Tue May 24, 2011

in buying it but it is still bank owned. They received notice to vacate in November but are still living there, any ideas?? Address is 25 Robinson Rd. Thanks!!

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John R. Fis…, Agent, Milford, NH
Tue May 24, 2011
Hi Atkins,
The real answer is anywhere from a week to a year! Occasionally when I'm tracking these situations for clients or myself it will come on the market real quick but usually not. I have one across the street from my home that has been sitting for a year and just came on the market today! There are numerous reasons for a delay ranging from deed-ownership issues to a tenant or owner that is occupying the property after the foreclosure auction. The other one that I've been told is the primary reason these days by several asset managers and foreclosure attorneys I have spoken with is that they (the banks and the companies they hire to manage the disposal of the property) are trying to avoid a glut of foreclosed homes in any one area and are choosing to "mothball" some and control the number of listings. In my never so humble opinion I think that strategy is a terrible idea. How they think they can "manipulate" the mess they caused with lousy loans is beyond imagination. I'd rather just see them "get it over with". This is like taking 24 hours for a root canal with no Novocaine thinking you'll spread the pain out- not going to work that way. Anyway.....buying foreclosures can be a great way to get a deal - I've bought some myself - but you almost always need to plan on some rehab and need a good team in place to guide you thru the process. If you do not currently have an agent you are working with feel free to call or email anytime. My blog has a lot more info on the subject along with some good time rants:) Best regards
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Richie Perro…, , Brookline, NH
Tue May 24, 2011
There is no exact date that anyone who is not directly involved. It could be a month or several months, depending on the bank processing. you will find out definitely when the now bank owned property is listed in the MLS . Your realtor could find out faster than you can. Check out my Website for the process of Foreclosure,
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Catherine Ma…, Agent, West Newbury, MA
Tue May 24, 2011
The length of time it takes a lender to re-list a bank owned property for sale varies widely. It may take quite some time as often it's not clear who will acquire the asset into their portfolio. I did check public records and it is bank owned. If the past owner is still living there, then a lawyer will mostly likely handle the eviction. You don't want to purchase the home with anyone occupying the home as they then become your tenant. While the price tag on a bank owned home may look attractive, there are often extensive length of time in which you need to wait, wait, and wait some more. While lenders are making progress, they are still very slow to process paperwork as the inventory is incredibly high. Often, the previous owner trashes the home, removes anything of value - including appliances, kitchen cabinets, bath fixtures, etc. Going into it, you think you're getting such a great deal only to find out that replacing everything costs more than if you just bought yourself a very nice house.

Hope that helps! Feel free to give me a call if you have any other questions.
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Scott Godzyk, Agent, Manchester, NH
Tue May 24, 2011
It occasionally does happen. Most banks hire an asset management company to dispose of the asset, that company hires a local realtor to sell the property and uses a local attorney for eviction. There is cases where the bank sells the asset to another bank or if the loan wasinsured by a PMI company thaey then take teh property and can delay taking possession of the asset.

At this point you could check the tax card in NAshua to see who they list as teh owner and find the bank that way.
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