Foreclosure auction- how long until property is listed?

olivesmomNovember 20, 2013

We are getting very fustrated in our home search. We are looking in a very specific area and there's not much on the market that meets our needs and is within our price range. I just came across a house that looks like it might be a good fit, and it appears that it was scheduled to go to auction a few days ago. County records don't show the auction sale yet, not sure if it happened or if the county website takes a while to update. In any case, how long might I expect it to be before it is listed? Is there any way to contact the bank (i know, a long shot. US bank, if it matters) before it eventually hits the market?

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nosoccermom

It depends. In some areas, it's 1-2 years. You can try contacting the bank, but it's a long shot because they are not in the business of selling property. US Bank has a real estate center, but the properties are listed with realtors.

Here is a link that might be useful: US Bank-owned properties

    Bookmark   November 20, 2013 at 9:00AM
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pudgeder

We've been our current house for 6 years and the house on the corner has been in foreclosure for nearly 5. It has yet to come up on the market or hit the auction block.

It's a nice home -- and if listed by an REA would be listed probably around 300K.
It's the only empty house in a very desirable neighborhood. Homes in our neighborhood typically are on the market for less than 17 days.

None of us in our neighborhood can figure out what the hold up is.

    Bookmark   November 20, 2013 at 11:37PM
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artemis78

If it actually went to auction (not sure if you mean the County auction list doesn't show an auction date/time for the property yet, or the County sales records don't show an auction sale?) it also depends entirely on who buys it. In our area, it's often investors who then flip the houses, but it's also sometimes just people looking for a home (some friends bought their home that way a few years back), in which case it won't necessarily be on the market at all.

    Bookmark   November 21, 2013 at 12:48AM
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olivesmom

County records don't show a sale yet, but the auction was set for 11/15 so maybe the online records just haven't been updated. I did drive by the house and it is still occupied. Looks like the most recent owners bought the house in 2004 and then they divorced in 2009, with the wife keeping the home. My guess is that they (she) stopped making payments shortly after the divorce.

I doubt investors would buy the house. Not many flips around here. Mostly the banks buy them back and then I see them listed as bank owned foreclosures. If the auction date didn't get pushed back I wonder how long before it will be listed.

I know of one friend who went through a foreclosure and as I recall after the auction she reviewed notice to vacate and I'm pretty sure she moved out within a month or so and the home was listed a few months later. This was about two years ago.

I wish the owner would have attempted a short sale. I'd rather deal with that hassle than sit around waiting for it to hit the market and then worry about other buyers.

    Bookmark   November 21, 2013 at 1:27AM
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ginagordon_gw

We got our dream house through a foreclosure auction, but its not for the faint of heart.

Not sure where you are located, in my area foreclosure auctions have to be listed in the paper with the auction company listed. One suggestion would be to contact the auction company to see if the auction was held, and if held if the buyer was the bank or a private purchaser. Around here they won't give out more information than that.

If the auction didn't happen, the people on the deed are still the technical owners, not the bank yet, so you could approach them with an offer to buy.

Good luck! We got our house for about 50 cents on the dollar so it was an amazing deal for us, but it does get a little stressful during the whole transaction.

    Bookmark   November 23, 2013 at 10:42AM
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ncrealestateguy

I agree with Gina... knock on the door and ask if they are interested in selling. But, some homeowners would rather stay put since they are not paying a mortgage, and not being kicked out.

    Bookmark   November 24, 2013 at 11:44AM
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