Profile picture for Jane352

I want to purchase a home that was just signed over to bank thru a deed-in-lieu?

I want to purchase a home that was just signed over to bank thru a deed-in-lieu?How long before its on the market again?. Please provide me relevant information about this.
  • September 18 2012 - US
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Answers (6)

Profile picture for Ofe Polack
You will have to wait until the bank chooses a listing agent.  There is no way of telling you how long that will be, since it will depend on the background of the property and how busy they are at that particular bank. Raheel feels otherwise that nothing should preclude the bank from selling the property without a listing agent, so why don't you gtive the bank a call and let us know.  The best of luck!
  • September 19 2012
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Until the bank lists it for sale you'll have to wait for the home to work its way through the system which could take 6 weeks or 6 months (or more).  As Raheel, mentioned the bank is under no obligation to sell the house.  They may package it with other homes and sell to an investor who may rent it out or resell it.  Unfortunately, there's no way to know which route the house will go until it goes.
  • September 18 2012
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I'm assuming you know the original homeowners, and the bank negotiated with them to take the deed in return of foregoing the formal foreclosure process.

So now the bank may or may not list it for sale. If they have buyer, they may just have a private sale. There's no requirement that a seller put a house on the market before selling it.

Once the records indicate that title is in the bank's name, make an offer through your agent and get the process going.

Raheel Shahzad, Attorney, CPA, Real Estate Agent
Chicago, IL
  • September 18 2012
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Nothing involving a bank happens quickly. Even though the keys were handed over there is a lot of legal mumbo jumbo and that takes time and it must be put into the banks name so they can legally sell it as the new owner. The bank will do inspections, get bpo's to assess the current value and look into the title and check for liens. All this plus banks work 5 days (or less) a week and will have to have many meetings about the house. It could be months to many months away from being able to sell it.

Tim
  • September 18 2012
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One question, how did you know the deed was just signed over because if your related to the homeowner in any way you will not be able to purchase it.
  • September 18 2012
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It depends on what bank has it but usually it takes anywhere from 6-12 months.
  • September 18 2012
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