One of the first statistics a lot of buyers want to know is Days on Market. When it comes to statistics regarding a bank-owned property, we can always disregard this statistic.
Foreclouse is a process that usually takes a bank months to complete. Only after the several month foreclosure process will a property be ready for marketing.
For instance, while researching investment property for a client earlier today, I came across a pair of homesites in an established, waterfront neighborhood just outside, just outside of Beaufort. One of these homesites has a panoramic river view. The other is on tidal creek with an existing dock. Both are bank-owned.
The homesite with the river view is listed at $60,000, and has been on the market for almost 500 days. The tidal creek homesite with the dock is listed for $65,000, and has been on the market for 180 days.
However, even though the river view property has been listed for almost 500 days, the property was foreclosed on in February 2012, so the bank has been carrying this property for almost 700 days.
Likewise, the bank for the tidal creek property foreclosed on that property in 2011, so even though the current days on the market is 180 days, the bank has been carrying the property for much longer.
If you think a bank might be motivated to sell because it has been holding a property for a year and a half, envision a little more movitation, because the bank has been holding that property for several months beyond that.
Happy New Year!!