Greetings,
Short sale masters of the universe, I am calling upon thee for some guidance on a file I came across yesterday. I am the negotiator on the file, but I am also brand new to the negotiating world. Wells is the servicer on this particular situation with FNMA in the backround. While speaking with the lender ( and being transferred 3 times) I finally spoke with someone from the home preservation department. I was told that they would not be able to do anything for me and initiate the SS because the property is scheduled for auction in 9 days.
The lady says that we would need a fully executed purchase contact, listing and all the standard items before 10 days. As of today, they are scheduled for auction in 8 calendar days. I need to get the sale date postponed, obviously, so I can continue searching for an offer and get the pack in outside of 10 days. 8 days just seems like so much time, but according to the bank, its not enough. If anyone has any tricks or tips which might help me get this one through, that would be great.
I have been negotiating all of a week now, so any guidance I can get would be greatly appreciated.
If anyone reading this needs more info, Ill gladly respond. Thank you so much to all and I look forward to reading many fantastic posts moving forward.
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In CA, you should be able to get it postponed without any problem. It may not get postponed until 15 minutes before the sale time, but it should be postponed. There are too many new laws in CA that prevent bank from Foreclosing while a short sale is in process.
Good luck!
Hey Thom,
Well you were right! I got an offer and submitted it with 2 days before the auction and the bank postponed. Thanks for your help and to everyone else who posted some advice! I am sure I will be back again with more questions soon. Thanks all!!
Don't breathe a sigh of relief just yet.
I had a WF short sale postponed with an offer last minute 3 months ago. After they postponed 2 more times, they foreclosed on the home while we were still negotiating the sale. FHA was the investor and WF eventually ended knitpicking at the file to foreclose.
I hope your outcome is better, but just stay on your toes and perhaps have an attorney ready if you smell any foul play.
Micheal - I'm in San Diego and can help you. I specialize in short sale (yes I have references). Feel free to call me at 858-356-5600, Shannon Noble.
We are located in San Diego, CA. Is there any tricks you may know of other than court?
What state are you in? It seems your best bet would be to get sale delayed through the courts. But that's a tough sell to the court/opposing counsel with no executed purchase agreement.