Foreclosure ?

nezwee

The house next to ours has been on the market since August and DH just found out this morning that its now in foreclosure. When I look up the listing, its no longer listed. Does anyone know what happens now?

Our house was in foreclosure with we bought it. So I don't get it. Is this house just going to sit vacant now until the bank decides it wants to put it on the market again? DH would love to buy it and knock the eyesore down, but its not in the finances at the moment. 

gracie2762

Was it a short sale before and it didn't sell so the bank finally foreclosed? Has it been vacant that whole time? It could also be that the bank might put a little money into it first to get it to sell faster. We went into a few foreclosures that had new carpet and a few new updates. I think they try to fix the blatant cosmetic problems so that folks with FHA financing won't overlook it.

nezwee

Yes I forgot to mention that it was a short sale first. The owners moved out in September. I don't know if the bank would put money into it considering that all of the houses around it are less than 7 years old and the value is more in the land. It looks like it was a modular home built in the 70's that has been added onto and it doesn't have central air.

JennigoesUSA

From what I remember (after watching a bunch of home buyer shows) the house goes off the market before the bank is taking over to take care of all the formalities and writing it over to the bank. Then it will be re-listed.

nezwee

JennigoesUSA:

From what I remember (after watching a bunch of home buyer shows) the house goes off the market before the bank is taking over to take care of all the formalities and writing it over to the bank. Then it will be re-listed.

Ah, good point. 

I was just curious cause I know of two other houses (near us) that were either foreclosures or short sales that were on the market over a year ago and are now still vacant and off the market.

gracie2762

nezwee:

JennigoesUSA:

From what I remember (after watching a bunch of home buyer shows) the house goes off the market before the bank is taking over to take care of all the formalities and writing it over to the bank. Then it will be re-listed.

Ah, good point. 

I was just curious cause I know of two other houses (near us) that were either foreclosures or short sales that were on the market over a year ago and are now still vacant and off the market.

It could be that their mortgages were just with big banks that move very slowly.  From going through our whole short sale house buying process, it seems that these banks have very few people allocated to short sales and foreclosures and there are so many steps to go through. There's usually only one person assigned to a case so things can take a long time depending on how motivated the bank is to get their money.

nezwee

Once the transfer takes place I'll have to look it up online. Ours moved very quickly, I think Deutsche bank ended up buying the house from whoever held the mortgage. But I also think that our house was a heck of a lot easier to sell than our neighbors and the others that are sitting vacant.

nezwee

And looking at the property values of homes on our road it seems that there is another foreclosure. This house should indeed sell though since it appears to be nicer than the others.