Foreclosure in Vancouver>Question Details

Beth, Other/Just Looking in 98665

House is on MLS, on 6/30/08, up for auction on 7/11/08, can it still be sold?

Asked by Beth, 98665 Mon Jun 30, 2008

This house is listed with a big company, the mls says nothing about short sale or pre-foreclosure, I saw it on a foreclosure site, and then found the mls. If I made an offer today would it stop the auction, and is there a time limit. I looked at a house the night before auction and knew the minimum bid, my realtor said, no you can't make an offer.

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Are you looking in Washington or Oregon? We specialize in Pre-foreclosure and the Auction Method of Marketing and it sounds like your Realtor answered your question properly with the information that you supplied them. Beware of some advice you get from out of town or (out of State) Realtors as the laws in your state may vary from other States. You can definatley make an offer at the Courthouse steps auction, but it must be a cash offer, meaning you must have funds to close that day not 30 dyas from then! You also have to watch out that if you do buy that mortgage that is in default it may not be the only one. The Court house steps Auctions (Trustee Sales) do not guarantee you clear title. The other advise is true, you may be able to postpone the sale if the bank chooses to do so, however it is getting tougher to get the O.K. from the banks; or should I say (the Trustees) to postpone sales; probably becuase they want to get paid by the banks and if they postpone the date they have to wait to get paid. There are allot of Foreclosures sites that are selling information that is old or not up to date. If the MLS says nothing about a short sale then the listed price should not create a short sale; it would clear all of the debts that are owed. If you are looking in Washington; there are new laws on the books now. The listing company is obligated to note it as a short sale if indeed the price will create a short sale. Best of Luck and let us know if you have further questions or you can have your Realtor call us too!
0 votes Thank Flag Link Mon Jun 30, 2008
You can always make an offer, but your agent should warn you about purchasing within 20 days of a foreclosure sale with the new distressed home owners law that was put into affect on June 12, 2008. If you are willing to take the risk involved you are more than able to write an offer.

Best of Luck!
0 votes Thank Flag Link Mon Jun 30, 2008
The bank can stop the auction, if the bank chooses to do so. It is rare, but it can happen.
0 votes Thank Flag Link Mon Jun 30, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
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