My listing was approve for a short sale by Wachovia. When we were so close to the approval date, I asked for an extension. Instead, the lender foreclo

Asked by Marilou Toler, Long Beach, CA Thu Oct 28, 2010

My listing was approved for a short sale last Sept. until the 23rd of October. Last October 19, the buyer asked me to request for an extension,. The negotiatorasked me to send them the proof of funds, the prequal and the approval for the 2nd lien. I sent it on the 20th, which is a Friday! Monday morning, I called the negotaiator and he said that it had been foreclosed by the bank!!! It was not sold, rather it went back to the bank. The buyer had received the loan docs and had done a lot of repair to the property, since the city of Carson in Ca, requires those repairs before escrow closed! Is there a possibility that I can take that listing back? if yes, how??? I need your advise!!

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3
Anthony Gale…, , Brentwood Center, Brentwood, CA
Thu Oct 28, 2010
Sorry to hear that. There is two different departments in the bank one is the short sale department and another one is the foreclosure dept. The best way to stay on top is to call the trustee directly (outside of the bank) or to check in the website to see if they have a sell date. You can get the nod or ts information from title and all you have to do is sign in and just check the date. There is also programs that cost around 50 dollars per month and you have access to the info. Dataquick is one of the programs you can use. I have hear some agents claim that they got properties back after foreclosure because of some legality but overall I believe that is really difficut to do.

I was doing short sales before and still have one pending but to be honest i prefer to work with REO's because is less stress.

Best of luck and take care.
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Thu Oct 28, 2010
Contact an attorney... we work with Michael Carter Smith, a seasoned real estate attorney he is in our office and you can reach him at 310 736 1449.

The lender may be willing to rescind the trustee's Deed Upon Sale... there are all kinds of legal strategies to achive this... Mike has done it a couple of times for us in the last couple of months.

Good luck and sorry that this happened.. it has happened to our clients very few times, but it does happen and it does not make any sense... that is the inefficiencies of a large corporation...

Go vote next week and support candidates that you think help the middle class, and not the corporate greed.
0 votes
Steve Richar…, , Los Angeles, CA
Thu Oct 28, 2010
There is a possibility that you can get o hold of the broker that the property will be assigned to, but if there was nothing done to impede the process of the foreclosure.. legally.. There is a minimal chance of regaining the listing from the standpoint of selling the property for the original seller. I have seen if there was a BK filed by the owner, the bank would have the duty to return equitable title to the seller of the property if the bk was filed before the auction even minutes. In that case I have seen the banks reconvey title after the property has gone back to beneficiary. Good Fortune. I would call the bank to inquire immediately before your buyer balks, often they are assigning the properties very quickly to a brokerage who will hold them in prelisting status. Steve
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