bluecreekran…, Home Buyer in Plant City, FL

why would we be told that a h ouse is not actually on market and cannot be sold until it is when it was foreclosed on almost 2 years ago?

Asked by bluecreekranchtn, Plant City, FL Sun Apr 21, 2013

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6
Annette Law…, Agent, Palm Harbor, FL
Mon Apr 22, 2013
Because it's true for all the reasons shared by Maggie, Antonio, Luisella, Alma and Pat.
If you are looking for a 'deal' you will need to invest a little trust in the professional you hire. They are not in the business of creating obstacles to completing a sale but are in the business of providing the resources, research and knowledge to secure a property for serious buyers.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
1 vote
Maggie Beard, Agent, Plant City, FL
Mon Apr 22, 2013
Good Morning! Great question...and one that has come up many times with my clients in this current new "seller's advantage" market. The thing you must remember is that the foreclosing bank in now the new owner of the property..and has the same rights to use of the property as any other owner. There is no obligation to sell. Banks are delaying selling for many reasons. Could be that the home has structural or safety issues (severe mold is an example) that may make the home unsafe to allow the public in to view it. The bank may be planning to include the home in what is called a "bulk sale" package auction. They may be evaluating if they plan to sell the home in "as is" condition, or if the property would bring a better return if it was fixed up. Some banks are even renting out foreclosures in order to bring in some profit while they wait for the market to continue to increase...average prices went up 9% in the Tampa area last year!
All I can tell you is that a good, experienced, local agent should be able to find you a home...but it will take some patience on your part. It is not unusual for a buyer to have to put in offers on several homes before one sticks. If you have other questions or need assistance in finding a home, give me a call !!
1 vote
Antonio Vega…, Agent, Saint Cloud, FL
Sun Apr 21, 2013
A foreclosed home is not foe sale until the new owner (the bank) decides to put it on the market. That could be immediately after taking possession or any time after...sometimes more than 2 years after. There is no set rule. However you can get your local Realtor to set and alert that will notify you the moment the home gets listed for sale, that way you will have first pick at getting it....if you pay asking price or above that is. Because homes get sold to the BEST offer, and not to the first offer.
1 vote
Luisella Maz…, Agent, Tampa, FL
Sun Apr 21, 2013
Sometimes a bank holds on to a property for a variety of reasons, like for when the market is more favorable and they can get a better return. I'm seeing a lot of competition for foreclosures and prefer to work with "regular" sales so there are less surprises and disappointments. Good luck!
1 vote
Alma Kee, Agent, Tampa, FL
Sun Apr 21, 2013
So if you pull up the address on the Property Appraiser's website it shows the bank foreclosed and has owned it over two years? Input the address here:

http://www.hcpafl.org/CamaDisplay.aspx?OutputMode=Input&…

If the Property Appraiser's office still has the owner's name (not foreclosed yet), if you can track down the owner and convince him/her to do a Short Sale pre-foreclosure sale, give me a call and I'll help you with it.

You cannot buy directly from the bank that now owns it (unless you're investor acquiring a group of properties from the bank for multimillions of dollars) because they will list it with a local Realtor to sell for the highest possible price. Once it is listed it will probably get multiple offers above market value like virtually every property in Hillsborough is getting right now.

The only remaining bargains are if you're willing to take a huge risk and buy at the foreclosure auction online. You will not get a clear title and cannot inspect.

Good luck!

All the best,
Alma
1 vote
Pat Comstock, Agent, Valrico, FL
Sun Apr 21, 2013
When it was foreclosed on does not necessarily have any bearing on when it is listed or put on the market. There could be legal issues, or other issues that prevent it from being sold. If you are working with a Realtor, they will tell you when it is on the market. If you are not, feel free to call me and let me know what house you are referring to and I will keep an eye out for it...Just rest assured that if a bank owns it, eventually they will list it for sale.
1 vote
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