Hello all.
I have a short sale property that is scheduled to go to sheriff sale September 14th. The owner has discussed going deed in lieu with the lender, but has not agreed to anything in writing at this time. The lender is Nationstar.

I just received a cash offer, but the homeowner is hesitant about signing it as he does not want to jeopardize his ability to go deed in lieu.

We have a negotiator that we've been dealing with, but when asked for an extension to process this offer, he stated the following: "We don't postpone any foreclosure unless we have an approved offer. You will need to initiate new case in equator and wait till it is assigned to a negotiator to determine if offer is valid 1st."

Any advice would be appreciated.

Stan

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PS - Here's some history on the property if you have some extra time on your hands.

Bought in 2006 for $250,000. I've had the property listed for over a year. I've had about 75 appointments during this time. We started at $180,000 with reductions along the way as it remained unsold. Two offers were received while it was occupied $145,000 (countered $180,000, buyer withdrew) and $170,000 with $10,000 back. (They were about to agree to the second offer and the buyer backed out.)

Since the last offer, the homeowner moved out, the property doesn't show nearly as well and the condition has declined. Nationstar has been sending agents to the property for BPO's without my knowledge. (They had the property rekeyed when the homeowner moved.) Nationstar told me the want a net of $180000 after the most recent BPO. $180,000??? I've had the property listed well under this amount for the past 6 months and am currently listed for $149900. Almost all of the recent feedback received states the property is priced too high.

When asked how they arrived this net, the negotiator provided the comps used by the last BPO agent. He/She used 2 total rehabs and a new construction home. They are far superior! My listing is approximately 35 years old, in mostly original condition and needs repairs. I was in the process of disputing the last BPO when the homeowner contacted Nationstar about deed in lieu and was told to stop by the negotiator.

In my opinion and the opinion of many of the recent showing agents, the current value is in the $130000-$140000 range. The offer just received is in this range, cash, as-is.
I contacted the negotiator by email about the new offer and again asked is we can get a postponement, but he is now refusing to return my calls or emails.