Home Buying in Maryland>Question Details

Kariskarebea…, Home Buyer in Hagerstown, MD

Made a offer on a short sale home...now its pending. Why is it on auction.com

Asked by Kariskarebears, Hagerstown, MD Wed Sep 25, 2013

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4
Akil Walker’s answer
Hello,


usually the short sale is in one department and the potential foreclosure in another department. please have your representative make sure they are aware of the short sale. obtain short sale approval and close quickly. BOA will more than likely continue with the foreclosure process to ensure its process thus the advertisement on auction.com


Good luck
0 votes Thank Flag Link Wed Sep 25, 2013
Bank of America is now using "Auction sites" to move short sale home's. I hope this is the case with your short sale home.

Greg Myers
RE/MAX Realty Group
0 votes Thank Flag Link Wed Sep 25, 2013
It is. Although I will not bid on a house. So why is it on auction.com if my offer is waiting to be accepted or not accepted ? I thought sine we're in a contract no one else can offer....
Flag Wed Sep 25, 2013
Hi Karis,

This site advertises short sales, foreclosures, pre-foreclosures, etc. The short sale department and foreclosure departments at banks rarely communicate. So their may be pre-foreclosure proceedings in process, or the site may just be advertising it because it has been recorded in the county records that the mortgage is delinquent.

Have your Realtor contact the listing Realtor and/or negotiator and have them check in with the foreclosure department with the lender to make sure there is NOT a foreclosure sale date pending. If there is, and you also have an active short sale file, you'll want to connect those two departments to get the foreclosure postponed.
0 votes Thank Flag Link Wed Sep 25, 2013
I agree with Laura's response..
Flag Wed Sep 25, 2013
Sounds like your short sale offer wasn't approved by the lender and the property is being foreclosed. You can try to buy it at the auction before it goes back to the lender.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Sep 25, 2013
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