Foreclosed property is being sold through a Real Estate Agency and will, of course, sale to the highest bidder, but is there an actual length of time it has to stay on the market? Laws?
2007-12-05 09:11:55 · 4 answers · asked by EL ES 2 in Business & Finance ➔ Renting & Real Estate
Nope. It can sell during the first hour of listing, if the bank/owner approves the offer tendered. The bank now owns the property, and it's fully their choice whether to accept or reject any offer.
2007-12-05 10:03:03 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
I have been a real estate agent for 35 years. I see no evidence of banks holding vast amounts of inventory off the market in my area. All the big banks are foreclosing as always. It always takes several months even years- so a person could see a vacant house next door to them and think something weird is happening because they haven't ever experienced it before. But I just saw two houses come onto the market that I have been watching- one with Wells Fargo and another thru B of A. They took about 9 months. One next door to me took over two years because the title was all screwed up.
2016-04-07 11:26:29 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Would probably depend on the Mortgage holder and their preferences, for instance they will not sell until it has been on the market a set number of days.
2007-12-05 09:18:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It can sell instantly. In fact a sale contract can be signed even before the title is cleared.
2007-12-05 10:06:20 · answer #4 · answered by Anonymous · 0⤊ 1⤋