Does anyone know who to talk to or where to go to talk to someone who can postpone a foreclosure sale date in Wells Fargo. The sale date is September 18. We have had challenges with approvals on several offers on this property with the lender countering and the buyers walking. We even had the seller pay for an appraisal to challenge one counter trying to substaniate the reasonable offer. Our most recent offer was accepted on August 31, with an approval letter ariving after 5pm with a closing date of September 3, a holiday. With the approval letter they sent directions including the HUD-1 must be sent at least 48 hours in advance for approval and that if the money was sent prior to approval that it would be returned. They also included an automatic 15 day extension. By the time we got the estoppels and final HUD-1 and HOA approval, we could close on Monday September 10 or Tuesday September 11. The file had been cancelled and removed from the system on September 6 and no one can do anything to get it reopened or approved for closing.
Is there anyone who can help us solve this dilemma so that the buyer and seller can accomplish the short sale?
Thanks
Ruth Jacobs
Quantum One Realty
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Replies
It's probably not the lender. Most GSE's will not postpone a sale once it gets to a certain point unless you go to them directly and ask for a variance. Safest to hire an attorney to temporarily delay the sale.
Brian,
Thank you. She is an attorney, not real estate, and living in New Orleans now, and is in the process of filing a motion to postpone. That is my feeling too but I prefer to work with the lenders to accomplish the best solutions. I will pass your info to her.
Thanks
Ruth Jacobs
I highly suggest the seller hire an attorney.