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Buyer wants to make offer on home schedule for foreclosure sale 8/21/2012

Posted by Marilyn Horne on August 11, 2012 at 3:47pm in Short Sale Discussions

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

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Replies

  • Woody Edwards August 19, 2012 at 2:17am

    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!

    • Carolyn Triebold, MS > Woody Edwards August 19, 2012 at 3:46am

      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

      • Marilyn Horne > Carolyn Triebold, MS August 19, 2012 at 5:11am

        Thank you Woody and Carolyn - that is great info - both now and for the future!

  • TOP END Properties August 12, 2012 at 5:23pm

    The seller needs to submit a signed offer (at a reasonable price) and submit along with the financials IMMEDIATELY.  No contract, no stoppie foreclosure.

    • Marilyn Horne > TOP END Properties August 13, 2012 at 3:03am

      Thank you for the info.

  • Wendy Rulnick August 12, 2012 at 7:17am

    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.

    • Marilyn Horne > Wendy Rulnick August 12, 2012 at 12:23pm

      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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