Foreclosure in Torrance>Question Details

Flaviaagent,  in Torrance, CA

If a home owner received a Notice of Default or Notice of Trustee Sale, can the owner sell the house?

Asked by Flaviaagent, Torrance, CA Fri May 15, 2009

A buyer wants to make an offer. It seems that the home owner still owns the house and can sell if he/she wants to. Please advise.

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The current homeowner is in default and therefore this would be a pre-foreclosure sale. For more information on this topic please visit

http://www.foreclosureoptionsnetwork.com
0 votes Thank Flag Link Sat May 16, 2009
Certainly. However, they must obtain an approval from their lender if the borrower owes more on the home that the current market value brings. This is a long and tedious process that not all homeowners can manage much less the real estate agents they hire to assist them.

If the homeowner has received a Notice of Trustee Sale then there is only a limited time frame to accomplish this necessary approval in order to close escrow. If the homeowner still has equity in the home then there would be no obvious problem with conducting a traditional sale. Check the public records to find out what the homeowner owes on the property by pulling the recorded trust deeds. That is a start.

Good luck! Diane Wheatley, Broker
diane@moveupproperties.com
(909) 815-4499
0 votes Thank Flag Link Fri May 15, 2009
This is why there are short sale. Are you familiar with short sales? Most of them have a NOD.

Dyanna
0 votes Thank Flag Link Fri May 15, 2009
The home owner still owns the home until the Trustee sale. So the owner should be able to sell it, but there would need to be enough funds to pay off the loan, plus late fees, interest, etc.
0 votes Thank Flag Link Fri May 15, 2009
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