Lost buyer after verbal approval from bank

Hi-

I am a seller and just got a verbal approval
from the bank last week.  
Our buyer cancelled the deal and now we
have to find a new one. The thing is before
 the shortsale approval our house was set to sell on may 5th in auction. 
I am desperate b/c due to my job I cannot have a foreclosure on my record.
I am trying to see what options I have left, and have put the house on the market.
I need to sell this asap, and am looking for any advice or leads anyone can give me.
I live in las Vegas, nv, and the house is going for a steal of $55k. That is upsetting enough with the price
I can't put my job in jeprody too. My wife lost her job and we are getting by on 1 income.

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Permalink Reply by Jo contreras on April 3, 2011 at 10:18am
What does an NOS mean?

Jeffrey Burnham said:

Which lender is involved? Some will allow a new Buyer to be sustituted more readily than others. The important thing to remember is a short sale approval does NOT stop the foreclosure timeline here in Nevada anyway. Different banks handle things differently it seems. Biggest question I would suspect you declined State of Nevada mediation? It sounds like you have had a NOS set already?

Permalink Reply by Jo contreras on April 3, 2011 at 10:38am
we decided not to do mediation b/c we had a buyer at the time as were being assigned a negotiator. Our agent said it would buy us time if we needed it, but we were moving in a good direction at the time so we did not proceed.


Jo contreras said:
What does an NOS mean?

Jeffrey Burnham said:

Which lender is involved? Some will allow a new Buyer to be sustituted more readily than others. The important thing to remember is a short sale approval does NOT stop the foreclosure timeline here in Nevada anyway. Different banks handle things differently it seems. Biggest question I would suspect you declined State of Nevada mediation? It sounds like you have had a NOS set already?

Permalink Reply by Jeffrey Burnham on April 3, 2011 at 2:25pm
Notice of Sale
Permalink Reply by Jo contreras on April 3, 2011 at 3:10pm
I just had posted on my door a notice of sale for April 26 th at 10 am tonight! And a notice of eviction too! I don't know what to do, I'm planning on seeing another lawyer this week but can getting a bank extention help buy some time? Or once the notice of sale is posted it that final?
Permalink Reply by Walter Rock on April 3, 2011 at 4:13pm
Have a friend submit an offer on your property.  Any offer should buy you some time.  Sometimes you can submit an offer within 3-4 days of a foreclosure and stop the process, temporarily.
Permalink Reply by Walter Rock on April 4, 2011 at 2:38am
Be careful.  I have heard more than one story where someone paid the bank a large sum of money only to get foreclosed on anyway.  By this time, the foreclosure is probably being handled by a law firm.  You may want to find out which one, ask them for the reinstatement amount and get something in writing that the loan is being reinstated in exchange for payment.
Permalink Reply by Trina Gonzales on April 6, 2011 at 12:31am

Hi... do you have your home listed with a Shortsale realtor?  You still have time to find a buyer and get a postponement of the foreclosure.  You should really have a Shortsale specialist help you.  If you haven't already, post here and I'll refer an agent for you in Las Vegas.  Best of luck...

 

Trina Gonzales

Fontana, CA

Permalink Reply by Vanessa Calhoun on April 6, 2011 at 1:03am

Walter:

Are you a licensed agent or Realtor? Just asking since you're telling this desperate individual to commit fraud....

Walter Rock said:

Have a friend submit an offer on your property.  Any offer should buy you some time.  Sometimes you can submit an offer within 3-4 days of a foreclosure and stop the process, temporarily.
Permalink Reply by Walter Rock on April 6, 2011 at 3:07am

Vanessa,

Can you explain to me how that is fraud?  I've never heard that it is illegal to sell your home to a friend?  Are you a licensed Realtor?

Permalink Reply by Vanessa Calhoun on April 6, 2011 at 3:15am

Yes, Walter, I am a licensed Realtor in Georgia and you're absolutely correct in that it is not illegal to sell a home to a friend. The fraud element comes into play when you knowingly and willingly submit a "dummy" offer to a lender in order to postpone a foreclosure. It's a totally different scenario in which you submit a good faith offer from a willing and able purchaser who happens to be your friend than it is to simply write up an offer from someone who has no intention whatsoever in purchasing a property. It's also very unethical....which is why I asked if you were a Realtor.

Permalink Reply by Vanessa Calhoun on April 6, 2011 at 3:26am

Furthermore...here's the link to fraud

 

1) Buyer misrepresents himself on the offer as he's really not willing to purchase the property

2) Seller and agent are aware that the buyer is really not willing to purchase the property

3) Seller and agent sign the document in which all three parties are now aware of the misrepresentation (now a conspiracy) 

4) Now the document (that is a complete misrepresentation) is submitted to the seller's mortgage company. Yes, the same one in which the seller has previously agreed to not submit misrepresented documents or information (material facts)

5) All parties have just committed fraud



Vanessa Calhoun said:

Yes, Walter, I am a licensed Realtor in Georgia and you're absolutely correct in that it is not illegal to sell a home to a friend. The fraud element comes into play when you knowingly and willingly submit a "dummy" offer to a lender in order to postpone a foreclosure. It's a totally different scenario in which you submit a good faith offer from a willing and able purchaser who happens to be your friend than it is to simply write up an offer from someone who has no intention whatsoever in purchasing a property. It's also very unethical....which is why I asked if you were a Realtor.

Permalink Reply by Walter Rock on April 6, 2011 at 3:27am
Vanessa, I don't see where I suggested submitting a dummy offer.  I would suggest that a friend, in good faith, submit a low offer and if they get the property, then they got a good deal.  If the bank counter-offers, then the buyer doesn't have to purchase and the foreclosure is postponed.  I suggest that you not make assumptions or give legal advice, unless you are an attorney.  If you want to continue this conversation off-line, then contact me, but this forum is not the place to further this conversation.

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