I've been trying to get some info on some property that my father in law would like to purchase.I talked to the clerk of the General Court of Justice of Johnston County and she told me that it was owned by Bank of New York,who told me that it was owned by Bank of America who in turn told me that I had to contact the servicer of the loan which is Select Portfolio Servicing Inc. But when I contacted them I couldn't get no information either,she even asked me if there was a for sale sign in front of the property :-( IF there was I would have called the number stated on the sign already!! Talked to the clerk once more this morning and she told me that nobody upset the bid as of yesterday 5pm and that now it goes into Final Accounting(?) Where does it go from there and how long before it goes on the market? Thanks!!
Could be weeks, could be months. It all depends on how fast the bank wants to get rid of the property.
As a Realtor who specializes in REO/Foreclosed/Distressed and investment properties I may be able to give you some insight. Without knowing the property address, I can't tell you what type of foreclosure it is. BUT if it is owned by BoA I can give you some insight... (short version) Once the bank/mortgage company obtains the property they assign it to their asset management company. The asset management company is responsible for securing the property, maintaining the property and eventually selling the property. Once it is time to be sold, the asset management company will assign the property to a listing real estate agent. This is when it becomes available for sale. (assuming they don't decide to auction it off instead) It sounds to me like this particular property is in the queue to come onto the market. If this is the case, it will not be available until the properties before it are sold. This is called "shadow inventory" and the process can take anywhere from months to over a year depending on the company. There are more empty, foreclosed properties out there than most people realize. The reason that they do not come onto the market immediately is 1) to protect the housing market 2) lenders receive more money by keeping the supply at a certain level. To my knowledge, there is no way to buy the property through the asset management company early. If this were the case, everyone would try to do it (including me) If you want to PM me the address of the property and your email. I'll be happy to set it up so you're notified the moment it comes onto the market. I hope this helps answer your questions..
