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30 days to auction....would you take this listing?

Posted by Wendy Martin on August 30, 2011 at 10:43pm in Short Sale Discussions
We have a couple of new prospective clients 30 days from foreclosure with BofA and the other with Wells.  Both do not have MI.  Both BofA and Wells say no stay of foreclosure unless we have an offer.  Wells is servicing for Freddie Mac . Both have hardship.  Looking for your advice as we need to decide quickly.  Thanks!

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Replies

  • Ray Snook September 6, 2011 at 5:39pm
    Is this the original auction date or has it been postponed before? Finding that out will help you with a decision too. If it has been postponed a few times then the chances are less than if it is an original auction date. I have experience of losing a short sale with a short time to auction, but I also have experience of closing them too!  I say go for it,  I am a sucker for trying to help even when the odds are long!
  • Stephen B. McWilliam September 4, 2011 at 1:49pm
    If your state allows a lender to seek a deficiency after a foreclosure then they should immediately consult with a bankruptcy attorney.  Filing a BK 7 or 13 will stop the entire process for at least 5-6 months and allow you the breathing room to facilitate a transaction. Furthermore, it adds an incentive to the short sale lender(s) to expedite the process.  If there is a successful sale the sellers can always withdraw their BK petition.
  • Jim Stewart September 4, 2011 at 6:11am
    I've gotten these types done multiple times! Go for it!
  • Roger September 4, 2011 at 4:22am


    When I worked for a large bank in the short sale/mod department, if we had an agent that called up 30 days before and we had proof that it was listed, etc, then the bank would postpone the sale and it would become an active short sale on the desk of the negotiator.  Remeber, if you are nice to these peoplein the SS dept, alot of them get bonuses based on closed SS's or closed mods- they don't want to waste the opportunity to get a bonus by letting a property go to sale. They would usually get penalized if it did.

     

    Roger Fountain

    Pitbull Consumer Advocates

    www.pitbullconsumeradvocates.com


    Guerry Clegg said:

    I would take the BAC listing if I had a chance of getting a contract within a week. I have had nothing by bad experiences with WF, although the jury is still out. I just escalated one to JK Huey, and her assistant stepped in and helped stop the FC so they could consider this cash deal. To me, BAC has gone from being one of the worst to one of the best in dealing with short sales.

     

  • Guerry Clegg September 4, 2011 at 2:38am

    I would take the BAC listing if I had a chance of getting a contract within a week. I have had nothing by bad experiences with WF, although the jury is still out. I just escalated one to JK Huey, and her assistant stepped in and helped stop the FC so they could consider this cash deal. To me, BAC has gone from being one of the worst to one of the best in dealing with short sales.

     

  • Carol Pease September 3, 2011 at 3:52pm
    With the Wells Fargo loan I would attempt HAFA if they qualify.  That would stop the foreclosure.   Is the BofA a GSE? What state are you in?
  • Smitty August 31, 2011 at 2:46am

    Not me.  I love a challenge.  I'd get it listed by tomorrow and Jeff this is a PERFECT example of a listing where I'd look at the range of comps and list it aggressively towards the bottom of comps I can find. 

     

    This is my favorite type of listing where the pressure is on.  Even a low offer can get an auction stopped.  The problem you'll run into is the BPO.  That's where I show up with my hardship letter, comps in hand, and explain to the BPO agent that we only had 4 weeks to market the property and get an offer which is why we had to list it aggressively.  COMPULSION TO SELL = LIQUIDATION VALUE - appraisers know this.  Lately I've seen BOA hiring appraisers and not agents unless it's a distressed luxury property.  Then I've seen an appraiser AND a BPO agent.

  • Jeff Payne August 31, 2011 at 2:40am
    Wendy, what is the chance that you could get an offer immediately so that you have time to process this with the lenders?  As much as I want to help people, I would probably pass on this one.
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