Quick sale

If a home is listed as “quick sale” on foreclosure.com, what does that mean?

Seller is attempting to sell quickly before the bank forecloses. The details of the quick sale may differ from state to state. But, in some cases, at least, the seller cannot pocket any profit from the quick sale. Not sure there is a standard definition for a quick sale, as opposed to a short sale, for instance.

Seller is attempting to sell quickly before the bank forecloses.

Maestro…Does this mean someone can buy the property at a low price and maybe re-sale it for more? Would the bank be willing to give a discount if someone bought it quick with cash?

A quick sale, I believe, is prior to the foreclosing process. So the bank wouldn’t be involved. And I’m sure it’s at a discount. If not, it ain’t gonna be quick…

The seller can not afford to wait for a long escrow to close. They have limited time.

If they are in a rush, they should be willing to discount the price for an all cash buyer. That way the sale can complete in about 7 days.

It does not imply the lender is willing to play ball. They might be happy to do so or it could be the lender expects to be paid in full including all back interest, penalties, legal fees, etc. There is no way to know until you speak to the seller and then speak with the lender.

  1. sometimes sellers list their property as a “quick sale” to mean they are looking for a cash deal.

  2. In my state – CA – “quick sale” does not equal “short sale”. This is because, if the bank is NOT involved in the “short sale” then they can’t approve the price and terms of the sale, then clear title can not be delivered to the new owner. This means that even if the new buyer somehow manages to purchase the property before the bank forecloses, the new owner will not receive a clear title report and hence no new grand deed and escrow will not close. So once the bank forecloses, the title goes to the bank and hence the bank is the owner.

  3. since I’m in CA, these statements only apply to what I know to be true in this state.