Why did it take so long to put a foreclosed house on a market?

[jimmyle]

Earlier this year (Feb-March) we checked out this house and it was listed at $549K. The seller refused to reduce the price any further (luckily for us). The wooden fence in the backyard fell down. The bedrooms upstairs are tiny. The materials in the house look cheap and the layout on the first floor is not very attractive.

Why did it take the bank 6-7 months to put this house on the market? Why didn’t they relisted it immediately to avoid paying taxes and depreciation?

http://www.sdlookup.com/MLS-071080652-7104_Blakstad_Ct_San_Diego_CA_92126

[HLS]

It’s a long process and servicing companies are overwhelmed.
Do you when the trustee sale was ?

The people working with these don’t have any/much experience in REO’s. There hasn’t been anything close to a need for this in over 10 years…it’s on the job training.

It’s hard to why/when a foreclosed home will come to the market, and at what price.

[HLS]

It’s a long process and servicing companies are overwhelmed.
Do you when the trustee sale was ?

The people working with these don’t have any/much experience in REO’s. There hasn’t been anything close to a need for this in over 10 years…it’s on the job training.

It’s hard to why/when a foreclosed home will come to the market, and at what price.

[SD Realtor]

Agreed with HLS… it does appear there is a little improvement with the loss mitigation teams getting homes on the market but that varies with lenders. I am puzzled as well why sometimes it takes months and sometimes it does not. As you also know, some that post here think that lenders do not put homes up for sale on purpose in order to conceal losses. I will not speculate on that theory since it is something I know little about and am not sure I agree with.

SD Realtor

[SD Realtor]

Agreed with HLS… it does appear there is a little improvement with the loss mitigation teams getting homes on the market but that varies with lenders. I am puzzled as well why sometimes it takes months and sometimes it does not. As you also know, some that post here think that lenders do not put homes up for sale on purpose in order to conceal losses. I will not speculate on that theory since it is something I know little about and am not sure I agree with.

SD Realtor

[Author]

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