Foreclosure in Santa Cruz>Question Details

Jborgen, Home Buyer in Santa Cruz, CA

In middle of escrow on a short sale (closes June 1st) in California and I saw the house listed on the "foreclosure" section of Yahoo Real

Asked by Jborgen, Santa Cruz, CA Thu May 6, 2010

Estate. Should I be worried? Bank has signed-off and title company has HUD completed.

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Home buyer this is Sandy Wallace with Keller Williams Realty in Santa Cruz. Some times a realtor will list the foreclosure if many different sites and forget to update the information. And the bank sometimes leaves it up for the trustee date till 72 hours before the sale date. It is true that the banks have different departments doing different things and they don't always syncornize the information. I would ask your Realtor to call the bank or have the Realtor that is handling the short sale call the bank to verifiy that they are cancelling the trustee sale. I hope that you get everything you want in your new home purchase.
All the bes,t Sandy
0 votes Thank Flag Link Thu May 6, 2010
This is one of those things that always burns me. As Terry said always call the reconveyance company and stay on top of it. If you see a date coming up, have your agent or negotiator let their short sale contact at the bank know about it. Even so, it's likely that the auction won't be postponed until the morning of the sale.

Also, even if you don't get any more notices in the mail or on your door about an auction date, keep checking with the reconveyance company. They only have to let you know once that an auction has been scheduled (though many will let you know more than once). If one auction is canceled, they may schedule another without telling you.

Good luck!

Bryan Myers
Broker & Owner
Unique Homes & Land
831-425-7920 x125
0 votes Thank Flag Link Thu May 6, 2010
Hello Jborgen,

No, you shouldn't be worried. This is normal in short sales. In some instances, the bank continues with the foreclosure proceedings while they are doing a short sale so the short sale doesn't stall the foreclosure if it doesn't go though. In your case, you have a signed contract, you shoud be ok. I've done numerous short sales, and my clients have even received notice of auction while the short sale was in process. Please have your realtor call the bank right away to follow up regardless. Good luck :)

Kamal Randhawa
0 votes Thank Flag Link Thu May 6, 2010
I would call the reconveyance company who notices the auction date and make sure they are on top of it.
Do not assume anything. The trustee sale number is the key. Yahoo is probably dated info, but it would be wise to check it out. There is no one person giving oversight to these transactions so your agent needs to be super pro active!
Terry Ballantyne
Broker Associate
Sereno Group Real Estate
831 515 1101
0 votes Thank Flag Link Thu May 6, 2010
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