How fast do foreclosures sell?
July 1st, 2010
I am looking to buy a foreclosure and according to my RE agent they go quick and it might not still be available. Hes got me in a rush and now hes taking his time with the offer. What is the average time on the market and what is the chance of me getting it if I give them what they are asking for it? I’ve heard there are a lot of cash buyers.
BTW its been on the market for about 2 weeks now.
There are several kinds of foreclosures – and time frames vary with them.
HUD – Initial ten day bidding period. Five days for BOM or price reduced.
VA – Initial ten day bidding.
Bank Owned – Varies from one bank to another. Could be sold that first weekend, could take months.
IRS/HOA/other taxing authority owned homes – varies greatly.
If a house (foreclosure or not) is priced right, it should sell fast.
When you find a house that is priced well, do not delay. If your idea is to give a low bid, it might not matter.
July 1st, 2010 at 12:55 pm
The RE agent is looking for an many offers as possible so chances are since he has your offer he is buying time in case a better offer is received.
References :
July 1st, 2010 at 1:12 pm
they probably take a lot longer than a non-bank owned house – banks are not as quick to accept the quick offers – they are trying to minimize the losses they will have – the bigger down payment or deposit you make, the more seriously your offer will be considered – it’s possible you might not make it to closing by 11/30/09 if you are eligible and hope to get the 8000 first time homebuyers credit
References :
July 1st, 2010 at 1:45 pm
There are several kinds of foreclosures – and time frames vary with them.
HUD – Initial ten day bidding period. Five days for BOM or price reduced.
VA – Initial ten day bidding.
Bank Owned – Varies from one bank to another. Could be sold that first weekend, could take months.
IRS/HOA/other taxing authority owned homes – varies greatly.
If a house (foreclosure or not) is priced right, it should sell fast.
When you find a house that is priced well, do not delay. If your idea is to give a low bid, it might not matter.
References :