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jehoneycutt, Home Buyer in Medina, OH

Why is the short sale we bidded on have a cancelled sheriff's sale?

Asked by jehoneycutt, Medina, OH Sun Feb 3, 2013

We put a cash offer on a short sale back in Sept. January 1st it was removed from the listing because our offer was pending. I just spoke to our agent on Friday and everything was fine. Today we heard from the owner of the home (a friend who shares the same agent) who was furious because the home was up for a sheriffs sale and he was never notified. I looked it up and there was an auction scheduled for Feb.14th but it was cancelled. I looked up the case number and it said "disposed". Now I'm confused and panicked and not sure WTH is going on. I left a message for our agent but haven't heard a word yet. I'm hoping against hope that the cancelled sale has something to do with our offer but how can it still be a short sale if the foreclosure case has been disposed?

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Sounds like either bank had a better offer come in, your offer was accepted or as agent in NC said- trustees realized they hadn't done proper notification. Owner may be a friend, but may not be telling you the whole story or may not really understand the process. Good luck! I would say to be safe, start looking for a back-up house
0 votes Thank Flag Link Sun Feb 3, 2013
Since I posted the question, I found the case # and looked up the details. He has, in fact, been notified repeatly. So lets remove that from the equation. That leaves a better offer or our offer. We are and have been the only offer on this home. Also, our offer was cash and above the asking price. Granted that I won't know for certain until I speak to our agent, I'd love to know what your gut feeling would be based on your experience.
Flag Sun Feb 3, 2013
Your offer to buy a short sale is pretty meaningless if the bank does not accept the offer. They don't have to and it looks like they didn't. Often the bank moves to foreclosure which ends in a trustee or sheriffs auction. The question is was the owner notified. Usually the trustees know what they are doing these days since these have gone from something new, in 2007 and 8, to very common today so I am guessing they did what they needed to do. That usually included nailing a notice on the door, sending a certified letter (and no one has to accept it just has to be sent) and ads in the newspapers. If they did that then the owner was notified. It is well know that many short sales never sell and it sounds like you are now aware of it as well. Move on.
0 votes Thank Flag Link Sun Feb 3, 2013
I am well aware of how a short sale works and that an offer doesn't guarantee acceptance. I'm much less concerned with whether or not the owner was notified as I am with where that leaves our offer. A federal law requires that a foreclosure auction be canceled if there has been a contract accepted by the bank which is why it's not necessarily over for us. Often times a foreclosure process goes on at the same time as a short sale as in this case.That is why I'm asking and ,yes, still hoping for a positive result.
Flag Sun Feb 3, 2013
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