Turn around time from foreclosure to bank sale?

[teton]

The long, sad saga of my quest for a home: I found the perfect house. I made an offer and it was accepted. My loan was approved. I had a closing date. The morning of closing, it was canceled because the title insurance company rescinded their commit to insure the property.

The builder said they would apply with another title company. They were turned down again. I knew they would go to the ends of the earth to find title insurance because they can't sell any property in any of their developments without it. I have waited patiently to find out if this will happen. I was checking our county recorder of deeds web site to check the sales history on another property and decided to look up my builder. I found out that within the last month, several millions of dollars in judgments against this builder in several of their developments have been recorded. This involved hundreds of properties. I think they are pretty much out of business and won't be able to complete the sale on my townhouse.

I assume the properties will go back to the bank. Is there any hope I might be able to buy my unit from the bank? What is a common turn around time from foreclosure until the bank puts it up for sale? Is it a long convoluted process?

[rockymtngrl]

There are many varibales, mainly state laws and which bank your dealing with. Depending on state law it could take 18 months or more to go thru the entire foreclosure process and for the bank to "own" the house. Some banks will get the properties back on the market fairly quick, within a few months, or it could be a couple of years. There is also something now they are calling "shadow inventory" where the banks are just holding on to the foreclosures and not doing anything with them, presumably waiting for values to rise.