Short Sale Can anyone help answer this question??

Can anyone help me to understand why Wells Fargo would approve a short sale to the sellers and also foreclose simultaneously? The short sale we are looking to buy was approved by Wells to the sellers the second week in July of 2013, however, I found on the web-- proceedings for forclosure were dated also in July 2013??? (a yr ago we were told the court threw out foreclosure proceedings-so the bank must have appealed and all along the process for foreclosure was happening as we were also being told the property was bank approved for a short sale!!!)

We have money in escrow for the property, and were told the bank was doing an appraisal on the property 2 weeks ago. I called the broker today who has yet to return any calls, only to find Wells has not rejected our offer?

I think there has got to be something unethical going on with the short sale process in our case?

I can understand if Wells Fargo rejected our offer, but to hold money from us in Escrow, but yet order a court judgement to auction in 9 days while they wait to see if they get a better offer?

If anyone can shed some insight on what we can do now other than the suggestion to show up at auction, I'd greatly appreciate it....

Thanks!

So in addition to everything that I found out today, the short sale was approved by Wells to the sellers the second week in July of 2013, however, I don't understand why the proceedings for forclosure were appealed by the bank, and it turns out is forclosed the property same week they approved the short sale to the seller?

Can anyone answer that?

And I called the broker today who has yet to return any calls, only to find Wells has not rejected our offer?

I think there has got to be something unethical going on with the short sale process in our case?

I can understand if Wells Fargo rejected our offer, but to hold money from us in Escrow, but yet order a court judgement to auction in 9 days while they wait to see if they get a better offer?

If anyone can shed some insight on what we can do now other than the suggestion to show up at auction, I'd greatly appreciate it....

Thanks!

Replies

Wayne Brooks August 22, 2013 at 10:30am

Sandra, repost your question here in the replies.

If you're asking if a lender would foreclose while approving a short sale-yes, it's still a problem of the right hand not knowing how to find the left foot.
- sandra McCumber > Wayne Brooks August 22, 2013 at 2:47pm
  
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  Thanks, Wayne..starting to get that sense as of late!!!
  
  I appreciate your feed back. I'll give you an update as I learn more....
sandra McCumber August 21, 2013 at 11:35am

So in addition to everything that I found out today, the short sale was approved by Wells to the sellers the second week in July of 2013, however, I don't understand why the proceedings for forclosure were appealed by the bank, and it turns out is forclosed the property same week they approved the short sale to the seller?

Can anyone answer that?

And I called the broker today who has yet to return any calls, only to find Wells has not rejected our offer?

I think there has got to be something unethical going on with the short sale process in our case?

I can understand if Wells Fargo rejected our offer, but to hold money from us in Escrow, but yet order a court judgement to auction in 9 days while they wait to see if they get a better offer?

If anyone can shed some insight on what we can do now other than the suggestion to show up at auction, I'd greatly appreciate it....

Thanks!

This reply was deleted.