Once a house is purchased back by the bank after the foreclsoure auction, first they assign it to one of their local and approved Realtors. They look to see if teh house is vacant, if so they secure it, if not they start eviction. Once it is vacant, they clean the house, clear the deed and appraise the property. the house can be listed in as little as a day after the auction and usually up to 3 weeks after the house is deemed vacant and cleaned to sell. The listing agent usually posts a notice on the door so you can contact them direct before it is listed for the scoop.
ROTTEN TREND - At the end of 2007, 6% of mortgages had at least 1-payment past due and another 2% of mortgages were in the foreclosure process.Â At the end of 2008, 8% of mortgages had at least 1-payment