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This mornings questions is: "Why do some banks take so long to get a property on the market after they foreclose?"When a bank buys the property back at the foreclosure auction, there are several steps it has to go through to get on the market. The first thing to know is virtually all banks do not sell their own properties. The use an asset management company to sell their properties. After the foreclosure, the home is given to this company to sell. The company assigns an asset manager for that area. That asset manager then assigns th listing to a broker who is on the approved list of brokers in that area.Brokers are ranked by past job performance and the amount of bpos's they have completed.The next step is checking occupancy, if it is occupied, eviction begins. Once it is vacant the property is cleaned, appraised and then placed on the market and the current market value less repairs and damages.Sometimes there are several reasons a bank may own a property for an extended perior of time without being able to sell it, the most common 2 reasons are evicting the current occupant or former owner. Some people know how to work the system and can fight an eviction for an extended perior of time, we just went through a 15 month eviction filled with out of state attorney mistakes not knowing the state law and not serving all the occupants.
The second most common is clearing the deed. For various reasons liens or other mortgages or discharges of former mortgages may have not been filed properly and the deed must be cleaned before it can sell.The property is then placed on the market to sell.
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