# Bank bought a property....how long till they get the deed 2 sell



## allenslabs (Feb 6, 2005)

Found a property that sold back to the bank last week. How long till they get the deed back and can sell it again? Not through a realtor but just to sell to an individual? Any input would be great! Thanks!


----------



## missouriland (Aug 27, 2012)

It shouldn't take them very long, they will have to figure out what they have to get from the property to cut their losses short. If you're interested I would go talk to them and let them know. You might be able to talk them down a little if they know that they won't have to list or advertise the property thereby saving them some cost and manpower hours.


----------



## Dutchie (Mar 14, 2003)

It depends on whether this is a local bank or one of those big national banks. If it is a local bank, by all means, go talk to them. If it is a large national bank they will have to put it on the market through a realtor. They won't deal with an individual prospective buyer.

Putting a foreclosed property back on the market is quite an involved process. It can take a year or longer for that to happen, because not only does it need to be inspected, appraised, etc., foreclosures are released slowly so not to flood the market. I am frequently doing appraisals on foreclosed properties that have been empty for 1-3 years before they are put back on the market.


----------



## rickfrosty (Jun 19, 2008)

allenslabs said:


> Found a property that sold back to the bank last week. How long till they get the deed back and can sell it again? Not through a realtor but just to sell to an individual? Any input would be great! Thanks!


As a realtor I can tell you it may be a long time - banks move like glaciers sometimes, but they are not all the same.
Not much ryme or reason it seems ?
If you could deal w/a few banks on bank-owned property you'd prolly see there's no common sense involved - you'd see one of the reasons our grand old country is now in a hole !?
After all this negativity I will wish you luck.


----------



## edcopp (Oct 9, 2004)

It is about a 20 minute job to prepare and deliver a deed. 

Everything else is "Professional" foot draggin'. We live in a "If it takes longer, it should cost more"society. That is why my lawyer can charge $100 to prepare a deed (20 min. job by his $10 hr. secretary). It will only take 3 weeks because we have been trained, that if it takes longer it should cost more.:happy2:


----------



## Nevada (Sep 9, 2004)

I bought my home at a trust deed auction, but I see that Indiana is not a trust deed state so this may not apply. At any rate, it took about 3 weeks for the deed to arrive in the mail from the trustee. I had to take the deed to the recorder's office for filing myself.

If the bank acquired ownership of the property by exercising a mortgage then it's usually a judicial foreclosure. In that case the instrument to convey the property would be the court order, which should be issued within a day or so of the decision.


----------



## goatlady (May 31, 2002)

and all of the above information has nothing to do with when a bank will decide to sell said forclosed property. No law says they have to sell ever. Most banks in this area anyway will NOT deal directly with individuals for forclosure sales - banks are not real estate companies, and they prefer to pay someone else (realtor) to handle listings and sales and just do the mortgage which IS their business.


----------



## Nevada (Sep 9, 2004)

goatlady said:


> and all of the above information has nothing to do with when a bank will decide to sell said forclosed property. No law says they have to sell ever. Most banks in this area anyway will NOT deal directly with individuals for forclosure sales - banks are not real estate companies, and they prefer to pay someone else (realtor) to handle listings and sales and just do the mortgage which IS their business.


That's true, and that's why I had to resort to attending the trustee auction. That's the best place to take advantage of the foreclosure process. The downside is that you are trading risk for low purchase price, since the condition of the properties up for auction are not known.


----------



## NorthCountryWd (Oct 17, 2008)

goatlady said:


> and all of the above information has nothing to do with when a bank will decide to sell said forclosed property. No law says they have to sell ever.


Correct. 

Here's another possible wrinkle-

Fannie Mae Sale of Florida Foreclosures Gets 96% of Value - Businessweek


----------



## old school (Aug 26, 2012)

In my experience buying any house these days is a very long and troublesome experience.I have had many sleepless nights over my mind racing.


----------



## edcopp (Oct 9, 2004)

Nevada said:


> I bought my home at a trust deed auction, but I see that Indiana is not a trust deed state so this may not apply. At any rate, it took about 3 weeks for the deed to arrive in the mail from the trustee. I had to take the deed to the recorder's office for filing myself.
> 
> If the bank acquired ownership of the property by exercising a mortgage then it's usually a judicial foreclosure. In that case the instrument to convey the property would be the court order, which should be issued within a day or so of the decision.


Almost right. The work of selling the property is done by the Sheriff. This is a Sheriff's sale and the instrument is a "Sheriff's Deed" prepared at whatever spped the paperwork in the sheriff's office moves.


----------

