Replies to This Discussion

Permalink Reply by sandra McCumber on August 6, 2013 at 12:09pm

Augh thanks, Fred! I'll let you know what I find out next week!

Thanks again!!!! ":")

Permalink Reply by sandra McCumber on August 21, 2013 at 7:42am

Hi Fred,

So here is the latest...The short sale property is in Florida. I just saw last night it went from pending status to under contract.  So, interestingly enough I remembered 2 weeks ago the bank ordered an appraisal and told our realitor the bank was looking to get this one closed as soon as possible.  A little more digging last night on the internet I found where the property has a foreclosure from the ounty clerk on 07/17/2013 and an auction date at the county court house steps on 08/29/2013!!! I contacted the realtor who is calling the title company today.  What do you suggest we do at this point if anything, do you think we will lose the short sale? We just extended the contract last week thru 10/31/13.  I guess I have researched enough to know that the bank may not have accepted our offer and decided to send to auction, but I would have at least thought they would have told us they didn't accept yes, no maybe, or at least let us counter....please let me know as we are willing to pull cash out of our CD's and be on the steps at 11am on this one.... Thank you!!!!  I also know investors have money tied up in these homes and want more than the property is worth, and I bet they will be out there too!

Permalink Reply by Jeff Payne on August 21, 2013 at 7:52am

The best thing you can do at this point is bid on it at the county courthouse.  Be sure to check because many Florida counties do it electronically now and you bid from the comfort of home.  Just be prepared for any liens, title issues etc ahead of time.  Might want to pay a title company to do a search for you before bidding.  The bank will have a proxy bid, they will bid $1 to their max bid and many times you will know that going in.  What Florida county are you in?

BTW, what is your agent telling you? 

Permalink Reply by sandra McCumber on August 21, 2013 at 8:55am

Thanks Jeff,

That's probably what will happen at this point. The agent hasn't called us back yet, however the broker said she has a call into the title company at Wells. Not sure what that will prove, but she did say that Wells has not rejected our offer...It they haven't why are they auctioning the property, when they have a contract, cash in escrow, a seller, and a buyer.  Wouldn't ethically the bank have to accept or reject our offer before sending to auction? The court house is in Bradford County.

Permalink Reply by sandra McCumber on August 21, 2013 at 8:59am

and thanks for all your insight!!! :")

Permalink Reply by sandra McCumber on August 21, 2013 at 11:25am

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!

Permalink Reply by joe beauchamp on August 21, 2013 at 2:23pm

Think of WF as a bunch of different companies doing their own thing. The part that takes the property to auction has little to do with the part that does short sales - each runs at its own pace and occasionally coordinates.

The funniest thing I have run into doing short sales is that the 2nd at WF would call me to ask me what the status is on the 1st at WF. If those 2 SS depts don't talk to each other, should you expect the foreclosure people to talk to anyone else at that bank?

Permalink Reply by sandra McCumber on August 21, 2013 at 2:28pm

So, what do you think we should do? Do we have any recourse thru the attorney for our agent letting the ball drop? I had to find out about the auction myself....1 week until auction.

If our realtor can call is it possible she can make WF aware they have a contract signed by seller and buyer that has yet to be accepted, rejected, or countered....

Permalink Reply by joe beauchamp on August 21, 2013 at 2:56pm

I was just answering your question.

I try to stay away from buyer's questions because they are very far removed from the action and have virtually no rights. The person dealing with the bank should have been on the phone escalating the situation and probably involving the investor to put pressure on WF to do their job.

Since you don't have an approval, you are not in a good position for much. Depending upon the investor, the WF negotiator, the listing agent, getting an approval at WF can take months.

There are deals where WF has given approval and still marches off to auction. I think that is breach of contract, but being a bank, nobody cares. So, your position of having nothing from the bank is pretty weak.

Possibly, if the appraisal from your bank shows the property worth what you are paying or less (which I doubt), giving it to the listing agent to give to WF to show that you have a good deal for them might put a little more weight in your favor. But so many things depend upon bank politics that your appraisal would only help if someone at the bank is thinking that your offer is low when it is not.

So far as going to the auction, often, banks will bid what is owed on the property and end up buying back the property - because nobody with 1/2 of a brain would overpay like that. I don't know when banks have a real auction and when they have these bogus ones or why - it is just a curiosity to me.

The best one to put pressure on is the listing agent - he could be working like mad or mediocre or much worse. That can't be gauged just by crazy bank things which are typical of the bank.

Permalink Reply by sandra McCumber on August 21, 2013 at 2:50pm

Thanks Joe! So discouraging!!

Permalink Reply by Jeff Payne on August 22, 2013 at 2:28am

The agent hasn't called us back yet, however the broker said she has a call into the title company at Wells. Not sure what that will prove, but she did say that Wells has not rejected our offer...It they haven't why are they auctioning the property, when they have a contract, cash in escrow, a seller, and a buyer.  Wouldn't ethically the bank have to accept or reject our offer before sending to auction? 

Sandra, the problem here is that you don't have any information and the info that you have is an assumption or something that you think based on very little.  Not trying to be harsh but at first you said The bank wont order an appraisal, then you say the broker said they are calling the title company at Wells Fargo (there is no title company at Wells Fargo that the broker can call)   Yes, Wells has not rejected your offer BUT they have also not accepted it.  These properties regularly go to auction and no they are not ethically, legally, or morally obligated to accept or reject your offer.

I suspect that you have an agent who has ZERO short sale experience.  Did anyone qualify this listing or the listing agent for you to make sure that you have a viable short sale?   Any agent with a little short sale experience could answer these questions for you.  Your agent seems clueless and keeps giving you excuses.

Be ready to buy at the courthouse but make sure you know all title issues before hand

Permalink Reply by Jeff Payne on August 22, 2013 at 2:31am

The Bradford County Clerk's Office is responsible for overseeing various departments that deal with the Circuit and County court systems. All departments within the Clerk's office can be reached at (904) 966-6280. Additional information about the Bradford County Jury process is available by clicking on the Jury Department.Here you'll find information about summons from the Clerk's Office and performing jury duty

Foreclosure Sales
Inquire here about attending, bidding, and purchasing from foreclosure sales conducted by the Clerk's Office

• ‹ Previous
• 1
• 2
• 3
• Next ›
• Page