Q: A house I was recently looking at just got foreclosed on by the bank. I’m wondering what the average time it would take for the bank to relist the property after foreclosing.
A: Depending on the bank and the situation, you might not want to wait for the property to be relisted. You could contact the bank now to see if you can move in and get the property before it hits the market. If the lender is a smaller lender, you might have luck. If the lender is a national lender, you might not be able to talk to the right person and get the run around. But it’s worth a try.
It could take weeks for the bank to process the property and get ready it for sale. But the sooner you contact the bank, the sooner you’ll be able to strike a deal. If you know the name of the bank, you might have some luck by finding out what real estate agency handles the properties for that bank. You can contact them and express your interest.
You should also keep in mind that you might just want to wait for the property to be listed and gauge the interest in the property. If there isn’t much interest, you might be able to buy the property for less than you might otherwise have bid for the property.
If there is lots of interest in the property, then you might have to bite the bullet and move forward or decide that there might be other properties out there for you.