Home Buying in 02062>Question Details

Suz, Home Buyer in Norwood, MA

The neighbors are now getting flyers saying the house is going to auction. My lawyer says not to worry. Is he right?

Asked by Suz, Norwood, MA Tue Jun 19, 2012

I previously posted about signing a P&S and then finding out the house is a shortsale. The saga continues...

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Jennifer Litterio’s answer
How long has it been since you got the offer? Has your bank counter offered? Are they using equator? Is there one lienholder or do you have 2 mortgages? So many things to consider but if the bank has set an auction date it might not be postponable...
0 votes Thank Flag Link Tue Jun 19, 2012
The P&S was signed at the end of May and the closing date was recently extended to August due to the shortsale. I doubt it will be finalized by then, but I was willing to stay in the game until then. The house was supposedly going to auction in May, but that didn't happen and the July auction was set. I assume that the auction date was moved because the house sold so I am confused as to why a new date was set.
Flag Thu Jun 21, 2012
Getting this straight:

You are the Homeowner, and you do not know;

that the house is in foreclosure?
that the house is going through a Shortsale?
that the house is going to Trustee Sale?

this is a SAGA alright!
0 votes Thank Flag Link Tue Jun 19, 2012
Hi Suz,

It really depends on what is going on with the short sale. In some cases the bank will postpone the foreclosure auction with a signed PnS to allow for the short sale to process.

You can verify the auction date/time online. I would ask the negotiator who is handling the short sale what the status is...there are so many factors that could affect that.

0 votes Thank Flag Link Tue Jun 19, 2012
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