Home Buying in 92114>Question Details

buyer, Home Buyer in 75013

i was looking at this property i noticed that the auction date was changed 3 times why is that? are they delaying it? who is requesting to change?

Asked by buyer, 75013 Sun Oct 11, 2009

the auction date is it the lender or the owner by the way the property is on pre-forclosure already.

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6
Mark and Kari Shea’s answer
Hi,

We can see that you are asking many questions related to foreclosures and how they work. Here is one of the better links we have found that outlines the process.

http://www.biggerpockets.com/foreclosure-process.html

We hope it helps,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure & Investment & Short Sale Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Tue Oct 13, 2009
FYI..."pre-foreclosure" simply means that the owner has missed a payment....sometimes several. The responses below are correct.....but if you subscribing to a service that feeds you this information, this may come in handy. Good luck!
Web Reference: http://shortsalesheep.com
0 votes Thank Flag Link Sun Oct 11, 2009
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Like the others have said the bank may be working with the owners on a loan modification, short sale, or with other lenders on the property. This is not unusual right now as most banks are under pressure to do everything possible to save peoples homes, and many notice of defaults are filed, but trustee sales are often delayed.

As David said, most sources are unreliable. I use a service called Foreclosure Radar which does a really good job of reporting notice of default, notice of sale, and auctions. If you have a particular property in mind just post the address here and I will give you updated information.

Also below is a link to the new California foreclosure timeline:
0 votes Thank Flag Link Sun Oct 11, 2009
Realy at that point, only the bank can extend the auction date.

Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve
0 votes Thank Flag Link Sun Oct 11, 2009
the current owner probably is more than liklety working with with the lender. Banks love to watch you squirm and frequently postpose the sale 30 days at a time.

I would not trust property information on trullia or zillow. Ussually the information is out dated or just plain false.

Sign up on my site to recieve auto updates of Factual Informtion at http://www.mark4homes.com
0 votes Thank Flag Link Sun Oct 11, 2009
It usually means that the bank has been considering offers and may have even accepted a short sale offer and they are trying to give the buyer's time to see if they can close escrow soon.

It is almost always a better option for the bank to shor sell the house rather than let the house foreclose.
0 votes Thank Flag Link Sun Oct 11, 2009
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