The Bethesda Bank Foreclosure that I wish we could Sell…but we can’t…

October 21, 2009

Bethesda Foreclosure We Wish Could Sell

Bethesda Foreclosure We Wish Could Sell

There are several banks and servicing companies that hire our group, Rozansky Realty Group, to manage and market for sale their REO properties. REO stands for Real Estate Owned.

On occasion we have a Bethesda foreclosure – currently there are only 5 active foreclosure listings and 2 foreclosure listings that are under contract in all of Bethesda.

We have been managing a property for a Mortgage Servicing company –AHMSI – for almost a year and still can not legally put it on the market and make it available for showings because the previous owner left behind some personal property in the garage before we ever visited the house.

The process is complicated but here’s some basic “Foreclosure 101

Two things can happen to the occupants and their belongings when a property goes to foreclosure:

1. If they currently reside in the property they can get evicted. An eviction is the removal of a tenant from a property owned by another person. In each state there are different laws regarding the actual procedure of having some one evicted. In an effort to oversimplify the process for our purposes – assume the property notice has been given to the occupants (tenants).

The Sheriff, as well as a representative of the owner (in our case some one from our office) and possibly a moving crew come out to the property and escort occupants out of the home and place all personal belongings on the curb for 24 hours (any remaining items left on the curb can be hauled away after the time period passes).

2. They can leave on their own terms before the posted eviction date. Some banks even offer a “Cash for keys” program in which they offer financial assistance to occupants in exchange for keys to the residence.

On occasion, occupants abandon a property and leave behind personal property. They might leave before we are able to make contact with them and there is no one way of knowing if they will come back. When they leave personal property (beyond trash) the bank or servicing company is forced to pursue a personal property eviction.

The particular property that I want to tell you about (but I can’t…at least yet) is stuck in that very personal property eviction stage. It has been there for a year!

It seems safe to assume if the previous owners haven’t come back for the small pile of personal items in the garage that they have managed to live with out for the past 365 days that they probably don’t want them. The foreclosure attorneys have advised that we are finally approaching the end of this process and hopefully will be able to market this home before the end of the year! It’s a pretty one in a great neighborhood…I will be certain to post more information as it becomes available.

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