For whatever it’s worth, personal experience, I made an offer on a place that was temporarily listed (in MLS, but not on SDL). This was 4 months ago. It had a NOD and foreclosure scheduled. Still crickets. I don’t think it’s sold to anyone else. I think it’s sitting empty. Anytime I drive by, no one’s around. Dark.
I mention this b/c there’s talk of secondary market, but I have not seen firsthand anything like that. Most of the NODs I’ve been watching do eventually get sold, just takes an inordinate amount of time, but it does get sold, for less than loan amount, either short sale or bank owned.
I’m not saying the bulk sales aren’t happening, just that I haven’t witnessed it where I’m looking. Unless it’s places that don’t get a NOD. All the places I’ve seen w/NODs, albeit slowly, do make their way to market.
