Property Q&A in 78660>Question Details

Angie, Home Buyer in Pflugerville, TX

I was doing short sale on this with realtor. How can it be up for auction?

Asked by Angie, Pflugerville, TX Tue Jan 20, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003636231--S-5th-St-Pflug…

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Answers

6
Were you buying or selling?

During the process of a short-sale, your REALTOR® should explained everything to you. The short-sale process does not stop a bank from going through to foreclosure, and your REALTOR® may have been able get the date for your ahead of time. Sometimes the Listing Agent is able to share this information with everyone.

Whether you are buying or selling... work with a REALTOR® who has/will prequalified the short-sale client. This will, hopefully, have advanced information available for the Buyer from the bank holding the mortgage on the home that is for sale.

If you have not already signed an Agreement with a REALTOR®, I'd be happy to discuss this further.

Regards,

Chris Rodriguez,
REALTOR® - Licensed to Practice Real Estate in the Great State of Texas.
MOTION REALTY
Web Reference: http://ThinkChris.Net
0 votes Thank Flag Link Tue Jan 20, 2009
Angie,

Are you the homeowner or a buyer that put an offer on the house?

If you are the owner, the bank will not stop a foreclosure unless you have an offer on the house and they agree to it. If you

Also, Nancy is correct, just because it shows on that site doesn't mean that it is scheduled for foreclosure.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Tue Jan 20, 2009
I have to agree with the agents below. The banks really don't seem to care who puts an offer in and often times the home goes into foreclosure. It is sad to think that banks work this way, but I guess that is the way they do it.
Just keep looking and you will find a good home.
Jeff
0 votes Thank Flag Link Tue Jan 20, 2009
Hi Angie,
Aaron and Coni are both correct but how do you know it is up for auction? Where did you see it for auction? Just because it is on Realty Trac does not mean it is up for auction. I would contact your agent who wrote the offer for you asap to see what is the status.
Best of luck,
Nancy Doyle
http://www.nancydrealtor.net
0 votes Thank Flag Link Tue Jan 20, 2009
I keep hearing that realtors, that are working with the banks regarding short sales, are finding that they are not being kept up to date with what is going on in the short sale process. They couldnt tell if there is a large amount of turnover at the bank level or what, but many properties are falling through the cracks as far as what is going on with them. Personally, I think the banks dont care about the buyer offering to purchase these homes. They would rather get them off their books as quickly as possible. They probably feel that they will get more money from the auction that you are offering in the short sale.
0 votes Thank Flag Link Tue Jan 20, 2009
Hi Angie,

Doing a short sale with an agent is no guarentee that the bank will not foreclose on the home during the process. It really depends on how far you are along whether the bank will hold up the foreclosure. I would need to know more about what happened to answer further.

Good luck, and contact me with any futher questions... Coni Otto
Web Reference: http://www.coniotto.com
0 votes Thank Flag Link Tue Jan 20, 2009
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