For some, they believe that they are not affected by this foreclosure market. But no matter if you have been paying your mortgage on time, no matter if you are keeping your home up with excellent curb appeal, you are affected by foreclosure if your neighbor due to circumstances maybe beyond their control loses their home.
How does this affect you? Well, the fact that their home might now be vacant next to yours might attract the wrong type of people who might want to use the property to their liking. Another way in which one is affected is that your biggest asset is now starting to lose value. Why? Banks do not want to keep these properties on their books for a long period of time and does require that the property get sold within a 30-90 day period or less.
It is hard to compete with these banks if you were to put your property on the market during this time period. What you were expecting to get is obviously not guarantee. Based upon your market area and the number of listings in the area that are bank owned, it would strongly be recommended that if you must sell, that you seek the advice of a license real estate agent or real estate attorney - depending on your circumstances.