How long does a house stay in foreclosure?

[Happy Panther]

The house next door has been empty for 18 months and it is property of the bank. No sign that it is on sale and zillow doesn't have it listed as a foreclosure yet.

Are the banks just backed up or busy with other stuff?

The owners left it an absolute mess and were both heavy smokers. I can't imagine what the inside is like. I would love to think about flipping it because it will probably go for around 60% to 70% of what it would normally based on other foreclosures but I would be pretty worried about mold issues. At some point the house would probably be ruined if it goes long enough locked up.

[Kurb]

Until it's sold ?

[CarolinaAllDay]

depending on how much is owed, the bank might not even sell it. The house next door from mine has been abandoned for a good 2 years now. I live in a pretty upscale new york neighborhood and the houses are on average around 500k in a decent market, significantly higher in a great market. The people who bought it, bought it right as the buble was going to burst for about 700,000 and put another 100 into it. They couldnt afford the payments (guy was a locksmith and girl was a housewife), one night they had a uhaul in their driveway an the next morning they were gone.

My parents looked up into buying the house and the owning bank(located in texas) said that unless it was sold for 600,000 they were going to sit on it. Guess it will be sitting until the next housing bubble in 20 years.

[Happy Panther]

Until it's sold ?

Would have to put it up for sale first

[Happy Panther]

depending on how much is owed, the bank might not even sell it. The house next door from mine has been abandoned for a good 2 years now. I live in a pretty upscale new york neighborhood and the houses are on average around 500k in a decent market, significantly higher in a great market. The people who bought it, bought it right as the buble was going to burst for about 700,000 and put another 100 into it. They couldnt afford the payments (guy was a locksmith and girl was a housewife), one night they had a uhaul in their driveway an the next morning they were gone.

My parents looked up into buying the house and the owning bank(located in texas) said that unless it was sold for 600,000 they were going to sit on it. Guess it will be sitting until the next housing bubble in 20 years.

That's depressing

[pstall]

Depends on the state and county and the investor moreso than which bank(service provider).

Some counties allow X # of appeals so it can drag.

I think you live in NC happy and NC is both non and judicial state. 110 days avg. But again depends on appeal process.

This is mainly what I deal with for freddie and fannie.

[CarolinaAllDay]

That's depressing

you got that right. I wish the best for you man.

Depends on the state and county and the investor moreso than which bank(service provider).

Some counties allow X # of appeals so it can drag.

I think you live in NC happy and NC is both non and judicial state. 110 days avg. But again depends on appeal process.

This is mainly what I deal with for freddie and fannie.

Great point. I was just going to comment back and say to look for forclosures that are owned by banks IN NC/SC. This was the advice given to my parents when they were on the hunt for cheap property. The people who they spoke to said that if a bank is rooted in the state(even better the city) they would be more apt to get rid of it quicker/cheaper than a bank outside of the state/region.

Im sure the issue of forclosure is 10x bigger in NY compared to NC just by population sizes, so that could also be part of the issue as to why its been over 2 years and my next door neighbors house is untouched.

If those courts are anything similar to traffic courts, then you could be in for the long haul.

[Happy Panther]

Depends on the state and county and the investor moreso than which bank(service provider).

Some counties allow X # of appeals so it can drag.

I think you live in NC happy and NC is both non and judicial state. 110 days avg. But again depends on appeal process.

This is mainly what I deal with for freddie and fannie.

OK. I am assuming the people who moved out aren't appealing anything but who knows. Must just be the bank.

They had been in the house for 15 years so it is strange that they didn't have a good deal of equity.

Maybe they had taken out loans

[Jase]

Your neighborhood is turning into a ghetto. Get out now before the Asian gangs move in.

[Guest]

Your neighborhood is turning into a ghetto. Get out now before the Asian gangs move in.

[Ja Rhule]

Sometimes its better for bank to hold on to the house. If house appraised for let's say $200k. That's $200k in assets on banks books. Bank don't want to sale it for $120k and take $80k lose. That's why banks hold on to so many homes. It inflates their books.

[Panthro]

Sometimes its better for bank to hold on to the house. If house appraised for let's say $200k. That's $200k in assets on banks books. Bank don't want to sale it for $120k and take $80k lose. That's why banks hold on to so many homes. It inflates their books.

Not sure your scenario is accurate.

[TylerDurden]

This thread is depressing...

We moved into a new subdivision in May or so of last year. It's our first house in a really nice neighborhood that is still growing. They have NO problem in selling the houses as they are built.

But, when we moved in I kept noticing signs on the door of a house down the street and would occasionally see the garage open with moving trucks out there. I figured the signs were for inspection/radon testing, so I was curious as to why it was taking so long. Come to find out from one of my other neighbors, there was a couple that lived there... The wife died suddenly and unexpectedly and so the husband was so depressed that he just took his stuff and left and told the bank they could take it because he didn't care anymore.

So, it's been sitting empty for almost 2 years. They said during a storm, a tree blew through a back window and it sat there busted out for weeks and no one addressed it.

Now, another one of my neighbors got a 90 day notice put on their door as well... SMH.

[Floppin]

I remember reading an article almost a year ago about how banks were purposely holding onto foreclosures and only releasing a set amount at a time, in order to not further destroy the real estate market and property values. In other words, they are doing it to keep house prices artificially high.