I currently pursue houses in pre-foreclosure all the way up until the day of Sheriff sale, at which I attend the auction. Many properties are purchased back by the bank, and I never see them resurface on the MLS or auction websites. Where do these go? Should I contact the banks regarding these after they've purchased them back at Sheriff sale?
@Austin Works Properties that go back to the bank go into a process that can take weeks, months, or even years before they go back onto the market. The REO is assigned to an asset manager who, in turn, assigns it to a real estate agent. Before they list the property for sale, they make sure that title is clear (biggest reason for long delays), that any rehab is completed, and that there is a marketing plan for selling the property. Although you say "never," most just take a long time to re-surface because the asset manager is trying to clear title issues or there is some other snag in the process. Unless you have an inside connection, there really is no way to short circuit the REO process.