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How can i know a property foreclosed by a bank will be listed for sale in the future?

I am interested in a property that says it has been foreclosed by the bank and that the lender will list it for sale in the future. How do i find out when the property will be listed or if it will be listed for sale?
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October 30 2013 - Algonquin
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You can write a letter to the owner of record and eventually it will probably get to the listing agent who will be assigned the property. 
I have had foreclosure listings where this happened and then I contacted the interested buyer.
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October 31 2013
Typically, properties that are foreclosed by the bank go through an internal process with these asset accounts which can take anywhere from weeks to years before a property is ready to market to the public. It is really hard to tell whether the property will be listed for sure in the future. Banks will go through a series of steps such as having multiple BPO's (Broker Priced Opinion) to get estimates on value, they will send out cleaning crews, or even do some cosmetic upgrades to the asset themselves if they see that the market will justify a higher sales price.

There is wisdom in working these investments through a knowledgeable agent in the area. Agents will have faster access to contacting the bank to look up the specific asset account you might be interested in purchasing. Good old fashioned walk-by's on the property will help you as well. Banks will usually post notices on the windows on what their intentions of the property will be... at least that's how they conduct themselves here in Southern California.

Hope this info was helpful! God Bless!
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October 31 2013
It can take 1-4 months after the bank takes over to have the property listed depending on the bank and the circumstances. Watch the web sites or have an agent help you.
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October 31 2013
If you work with a buyers agent they can let you know as soon as the property is listed.

As others have stated sometimes these properties sit for years and do not hit the market.  There could be a host of reasons which prevent the property from being exposed to the general public for sale.
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October 31 2013
Call the lender yourself and ask to speak with the REO (real estate owned) department.  Typically it will have had to gone to auction first (and failed to sell) before they can take control of the property back and sell it to you.
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October 31 2013
Not all foreclosed properties will be listed for average Joe to buy. Some will go to auction. Ask your your Realtor or me and we can let you know when it comes up. Keep in mind that the small banks might not sell a property for years, because as long as it did not sell, it is positive on their books.
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October 30 2013
 
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How can i know a property foreclosed by a bank will be listed for sale in the future?
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October 31 2013 | 6 answers
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