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Okay so we are trying to buy a home and this is all new to us. We drove and found a home we fell in love with. Vacant, white paper on the door. Talked to our agent and she has been digging for 2 weeks to see what can be done. It is not yet on the market.
Finally tells us the bank just now got the house back, the next day she tells us though that even though they have it back, now the investor has to get it back!! She said that could take up to a year!
So she is of course pushing us to find another home! We have been looking for 2 weeks and aren't happy with any. She hasn't even shown us any houses as we have been working to get our financing and fha approval together. SO she has been linking us and I have been scouring the net for homes and my hubby and I have been going out to see all the properties ourselves and looky loo in windows, etc.
I usually know more info about the homes then she does and I find more listings online then she does. Don't get me wrong, she is very helpful and found out the info about country wide that we couldn't.
I am just saying that I am very actively doing alot of work myself in this too.
Is it true it could take an investor a year to get it back? WHo is an investor? Is there any way to side step this!?!
I asked if she could call the investor and she said they are not allowed. They can only call a number to check every once in a while but its not a call to the investor. I just want this house.(pending there is no major problem with it and it passes inspections, etc,)
Oh and she was trying to hurry us saying we can't wait long! FHA is approving us and they change guidelines all the time and we need to jump on it, etc!
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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There usually is some lag time between when a bank forecloses and they are able to turn it over to an asset manager who handles the listing and sale of the property. The "investor" in this case is the bank. I've seen it take 6 weeks to get to the market, but a year?????? I don't think so.
Your personal situation may dictate something along the lines of what your agent says however.
I have seen 2-3 months out here, but I've never seen it take a year. The investor (ie bank) has to clear the title of any liens, yadda yadda before they can place it on the mraket for sale.
If countrywide is the bank it would not surprise me if they take a year...They are sloooooow.
You also need to know that some banks are holding their foreclosures because they need to hold off writing down their losses just yet.
Here's my guess on your situation. If there has been a foreclosure the mortgagor has a statutory redemption period following the date of the sheriff's sale. That is, the defaulting borrower can "buy back" the house if he comes up with all the money during the redemption period. In our jurisdiction that is either 6 months or 1 year depending upon the terms of the mortgage. Other states may have different redemption periods. Sometimes the defaulting borrower will waive their redemption rights, but that's up to them. I suspect the bank is waiting out the redemption period.
Here's my guess on your situation. If there has been a foreclosure the mortgagor has a statutory redemption period following the date of the sheriff's sale. That is, the defaulting borrower can "buy back" the house if he comes up with all the money during the redemption period. In our jurisdiction that is either 6 months or 1 year depending upon the terms of the mortgage. Other states may have different redemption periods. Sometimes the defaulting borrower will waive their redemption rights, but that's up to them. I suspect the bank is waiting out the redemption period.
This is true for judicial foreclosures, but not trustee sales. It is important to know which one occured.
Thank you for all your kind replies. I appreciate it. I had called all my family and had everyone praying cause we really want this home.
This is the update I posted at my friends forum:
*update*
Okay so I have been house hunting like crazy. There is a home we found that we really want. We are praying for Gods will on it. Anyhow, we found it weeks ago just driving around. It wasn't up for sale and I have been nagging my agent for 2 weeks to get the 411 on it.
She finally finds out that the bank(country wide) JUST got the house back a few days ago. Good news, but the bad news is she called the next day and allegedly the investor has to get the house back to and that could take 2 months up to a year up to a few years!
MEanwhile she is pressing me to look at other homes even though I would rather ride out the 2 months and see what happens then.
It originally sold in 2007 for $430,000. She tells me that the bank is still owed $372,000 and she doubts they would be willing to take that big of a hit!
Good grief! I have faith in God that he can work a miracle if this is the house he wants for us. She just keeps throwing me negatives!
She gave us a few more homes to look at and said tomorrow we could go look at a few with her.
We started driving and Joe said which house first? I started snipping at him and wound up tearing up.
I said I don't want to go look at anything else!! I want THIS home!!
The location is perfect, the home is beautiful. There are not many that meet my criteria in this area. In fact this is the only one.
He said then what do you want to do? I said drive down that street the house is on and see if there is ANYTHING else there for sale.
We did and there was nothing else and we got to the house we really want and there is a car in the driveway!
I said pull in!!!
We get out and it is the realtor!!! (Not mine.) The gal just happened to be there changing the locks on the place. She was really nice and said we could look around.
We asked her when its hitting the market she said next week!!! I gave her all my numbers, our agents number, a note, etc. I asked her if she would mind giving us a chance to make an offer on this house before it hits the market. She said she would.
I rushed back to see my agent and of course she was incredulous! Well thats not what they told me! etc. (different people)
I said oh maybe its just a case of 1 hand doesn't know what the other hand is doing.
( *rollseyes* )
Anyhow unfortunately the agent we spoke to said it may hit the market at about $250,000. (And believe me it is worth it.)
Our approval is at about $200,000 though.
My broker said 2300 sq ft? Most houses that size in the area are going for $220,000.
I am working right now pulling up all comps in the area that may work in my favor. Yeah I know the realtor is going to do this too. But I am a very take charge kind of gal. I can't rely on that. God lead us to this house before it even went up for sale. Our agent did some digging and obviously got bad info. A few months to a year? Eeek!
We drove by and they are putting it up for sale next week!
I can't snooze on the researching job now! lol I will make a huge list of every nearby comp in our favor(homes that are comparable to the one we are trying to buy/recently sold homes/ what other homes similiar are selling for in the area, etc.)
Look at this for instance:
This house is .54 miles from the home we want.
Sold for $296,559 on 10/31/08, 5 br/4 ba 3,798 sqft,Single-Family Home and was built in 2006.
They also do something called price per sq ft.
That home was built in 2006, ours in 2007, only .54 miles away. Anyhow, if you take $296,559 and divide that by 3798(the square footage) you get a price per sq ft of: $78.08 per sq ft!
If they marked our house like that you would get 2300 sq ft x $78.08 = $179,584!!
I can dream can't I? Anyhow this is the kind of stuff I will sent to my agent so they can go in and fight for a great deal for us. You can see the home in this pic is very nice, very comparable IMO.
That lot size was 69,373 sq ft, ours would be 104,544 sqft. Our lot would be a little bigger but still a comparable home - lot size.
P.s. When I talked to the realtor she said the bank was on a moratorium and they just now took it off!!
It is a fannie mae, does that mean hud or repo?
I told hubby to call our agent tomorrow to see if they can make an offer starting at $150,000.
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