Also, please note, contrary to advice given in a prior post, in California showing up at the trestee auction with your signed purchase contract WILL NOT stop the foreclosure sale. This needs to happen between the investor, servicer, and substitute trustee before the auction. The good news is, it can happen as late as the morning of the auction. However, the negotiation to do so needs to be underway long before that time. And the bad news is, some banks have decided to NOT postpone ANY foreclosure sales, even if there is an ongoing short sale negotiation.
It is unclear from the post if you are the seller or the buyer. It is the listing agent who should be on top of getting the extension. Make sure that you, or your agent, makes sure this happening. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
If your agent agreed to negotiate your short sale for you,
Your agent should be working on this.
I will say that banks have taken a new approach.
If the short sale is not approved by the sale date, the foreclosure goes forward.
This means sitting on the fence is no longer an option.
If you or someone you know is behind in their payments it is wise not to wait if they want to salvage their credit and short sell it.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Sara Mehrpouyan, CDPE
Specializing in REO & Short Sales
The seller can always file BK and this will extend the sale date.
All the best!
In N.J the courts allow time for short sales, often times so will the bank if you press them.
all the Very Best
Dave & Lisa