I put an offer on a home that was a short sale and the next day the home went off the market and was going into foreclosure. I looked and looked on the internet for the property and I found out the name and phone to the lawyers who handle the property they gave me the info for the bank who bought the home. How long should i expect to wait until the homes get back to the market. I really want this property And when it was a short sale it was selling for 180k should it be less than that now it is foreclosed? I live in northern virginia, how long should a process like this take. Please help

There is no way to answer your question sorry.The short sale price might have just been set by the listing broker to get offers on it but the price was not approved by the bank.This si typically done to intiate multiple offers on a short sale hoping the bank will take one.It sounds like the bank do a price analysis and determined they would rather foreclose then sell at that price.

Generally if the property went to foreclosure auction and knowone bought it the bank would have to tak eit back.From that point they would have to evict the former homeowners classified as tenants now.This process can take months and months.After that a trashout of the property,winterization,and rekey has to be performed.

Then an interior bpo(valuation) has to be perfromed along with an apprasial of the property to determine a price.So best case scenario you will see it come on market in a few months worst case 6 months to a year.

No legal advice.

I would say between now and then you will find something else you like just as good or better.

Yes, very good advice by super realtor.

After the bank gets the home back, at some point they will look at relisting it with an agent in their area. Depending upon your timeframe, wait it out a bit. Here in Minnesota, it often times does not take that long for the home to be for sale on the MLS as an REO.

I hope this info helps.

Several factors go in to the time for it to go on the market. Once in a great while it will be vacant and clean, ready for the pricing BPO and then on the market. Other times you will need to wait out an eviction (I once had one go almost 9 months when the former owner used a series of stalling tactics) process and then a major clean up, maintenance catch up, etc. before going on the market.

What do you mean going into foreclosure? Here in Colorado the foreclosure proceedings are filed about 120 days before the foreclosure sale. During that time short sales can still happen. In fact they can happen right up until the foreclosure sale date. Now after the foreclosure sale is a different story. Here in the county I work about 7 days after the foreclosure sale I get assigned a property by one of the asset companies I work for. There is a 7-10 day redemption period for any mechanic liens or judgements. After that it takes about another week before I'm allowed to rekey and the interior bpos start. I'd say about 3 and a half weeks from the foreclosure auction to listing. At least with this particular asset management company. Oh I guess I should say I've had a remarkable string of good luck of not having any people living in any of my listings and they were all in fairly good shape.

What you need to do is look at the county that this home is in and what their foreclosure laws are. Find a listing that you know is a foreclosure. Go backward with the county records to see how long ago it's foreclosure sale was. Then look further back to see when the foreclosure was first started. In my county it all is online. You just have to put in the address. Take a few listings and get an idea how long it typically is taking on average.

Here in the north east it does take awhile. Quite a few of mine have had tenants. These were actually people renting the home when the bank took it from the owner. That is awful telling the folks that their security deposit and last month rent is lost to the owner. The owner that has left them in the lurch with no where to live.

I've had banks offering tenants $2500 to be out on a certain date to speed up the process

Maybe in CT but in my area we usually are allowed to offer $500, sometimes even $1000, but very rarely anymore than that.