Buyer wants to make offer on home schedule for foreclosure sale 8/21/2012
I found out that the home my buyer wants to put an offer on (listed in the MLS as a short sale) had final order 7/12/2012 and is scheduled for foreclosure 8/21/2012. I want to work with the listing agent, but I need to know how this should be handled in order to be successful. We were not told that the property was going to auction, just that there were problems showing it and they were waiting on a new appraisal by the bank.
Your input would be greatly appreciated.
Marilyn Horne
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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A foreclosure can be postponed, but you better get the offer in now, and the listing agent needs to have everything ready to get to the bank pronto! Depending on the lender, I recommend getting an immediate escalation to the file. The contract should be something in market range, with terms that won't be countered by the seller (like not too heavy on closing cost assistance, etc). Good luck.
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Permalink Reply by Marilyn Horne on
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Thank you so much. We are working on it.... Your site is the best resource for anyone working with short sales!
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Permalink Reply by TOP END Properties on
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The seller needs to submit a signed offer (at a reasonable price) and submit along with the financials IMMEDIATELY. No contract, no stoppie foreclosure.
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Thank you for the info.
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Permalink Reply by Woody Edwards on
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One thing many short sale listing agents don't do, is verify with the foreclosure dept. that the file isn't headed toward the courthouse steps. The SS dept & the foreclosure dept. DO NOT COMMUNICATE! If you are a listing agent, and your clients are behind, make sure they fax or email you every letter they get from the bank. The foreclosure dept will slip up and bite you on the butt!
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Permalink Reply by Carolyn Triebold, MS on
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Excellent point Woody. You need to make sure the listing agent communicates with both SS and foreclosure department. In a recent file I handled with Wells Fargo, I finally received the foreclosure lawyers contact information and contacted them 20 minutes before the sale. The SS department thought it was postponed, which it was in their system, however the attorney's office never cancelled the prior sale. There are a lot of places where a sale date can be overlooked and once it hits the auction - it's all over. Best of luck
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Thank you Woody and Carolyn - that is great info - both now and for the future!
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