Profile picture for user355217

foreclosed home disappears???

My husband and I have been keeping a very close eye on a home that we knew was foreclosing.  We were looking to purchase our next house when we ran into this property by accident. Its everyhting we want!   It went to Sherrif sale in January and has since seemed to be going through the normal foeclosure process..we assumed the next step was that it was going to be listed as a REO, it was showing up on hotpads and other search engines as a foclosure.  Last week on our routine drive by, we noticed a new paper in the window.  We stopped and it has the name of a realot rto contact about the property, however it was not "listed" for sale yet.  We called several times with no return calls from the realtor, so we then had our realtor call.  Ours was told that the property would be placed on the marjet in 4-6 weeks.  We went ahead and got our approval ready to be able to bid on the property if thats what we wanted to do...but to my dismay, today it seems to have been removed form all the sites as a foreclosure, i cant find it anywhere....What in the world could have happened here????
  • March 08 2012 - US
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Answers (5)

See if your Realtor can do some follow up for you. If in fact it closed, it would also be recorded at the city where the home is located. You can find it out either way. Good Luck!
  • March 13 2012
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Profile picture for LAUREL JAQUES
Sometimes the bank (seller) is willing to sell the property to the tenant before it goes to the MLS. If it was tenant occupied, this may be what happened. They also may have rescinded the foreclosure... 
  • March 13 2012
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Profile picture for Lawrie Lawrence

It seems you are already working with a Realtor, have them keep in contact with the Agency that you first spoke with about the property (the one that had the paper in the window).  REO properties have their fair share of issues.  It's not uncommon for an agent to get information about an upcoming REO listing, get instructions to winterize, tag the property with contact information, etc then be contacted that the REO proerty has issues with title and it's been put "on hold". 

Sometimes these issues are quickly solved and others it can take a while.  If you are really interested in this property have your agent keep in contact and ask to be notified if it looks like it's coming on the market soon.

  • March 09 2012
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Profile picture for user355217
Thanks Craig! The transfer situation is something that i have considered and this is what i am hoping is the case.  However, we do live in a very small town and an attractive piece of property like this one does not come along often, which is why i have been keeping such a close eye on it.    Of course we are looking at other properties, however when i say small town i really mean it...Thanks for the reply...I will continue to keep an eye out for it.
  • March 08 2012
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Profile picture for craigfial

First I would check public records to see who foreclosed and when.  In many cases the servicer is the one to foreclose and then has to transfer title to the investor that owns the loan.  This can take some time, as they really should not list the property until all the proper paperwork for owner transfers have been completed and certificate of title is issued.  Only then can they list and show the property. 
On the other hand, the property may have been purchased in a bulk sale transaction where Fannie Mae and Freddie Mac are selling blocks of properties to Hedge Funds and other qualified investors at a discount.  It may come on the market in the future but unfortunately you just never know what going on in the background.

Don't get too hung up on this one, and keep your opportunities open. 

All the best!

  • March 08 2012
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