About 25% or so of upcoming foreclosure auctions get canceled and another 25% postponed. Are owners getting short sales done in time? Something else?

Asked by Argentgrp, New Hampshire Wed Nov 4, 2009

Look at the commonwealth auctions and jsjauctions web sites if you don't believe me!

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Scott Godzyk, Agent, Manchester, NH
Sun Dec 6, 2009
Less than 25% of short sales are actually getting approved and closing within a 3 to 6 month window, so it is probabily not the short sale process postponing auctions.. More often or not the auction is canceled because the home owner comes to an agreement with the lender. There are various resources the mortgage company uses that can bring the home owner out of default. At this point the lender would much rather make a deal than foreclose on the house. Most people wait until the last minute to act which is why you see so many postponed teh week of the auction. If you are a home owner, are behind in your mortgages there are two options, if you have the ability to make any payment, even though lower than your current payment, the bank can adjust your loan accordingly to lower your payment to bring you current. The other option as you stated is the short sale. Banks are less keen on the short sale as it is a loss loss situation for them in most cases. If you have an experienced agent and person who can negotiate with the bank on your behalf, and usually done at no cost to the home owner, then a short sale will allow you to sell your property for less than you. For the home buyers and investors out there, short sales are a good deal if you have an expereinced agent running show, not everyone can list, negotiate and make a short sale work, it takes tons of time, daily calls of an hour or more and lots of work to make them work. If you can find one approved and just needing a buyer, you have found a deal, if not there are many more deals without the hastle. Auctions are not deals for everyone unles you have done your homework, When you buy at auction it is as is, no home inspection, no time to decide or back out if you find something you dont like. Most important you are responsible for any liens, 2nd mortgages or back taxes owed on the property. So be careful out there, do your homework... Please feel free to email me with any questions or if you need assistance.
Web Reference:  http://www.ScottSellsNH.com
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Barry Miller, Agent, Amherst, NH
Thu Nov 5, 2009
It can be any number of things. The home owner could have worked out a loan modification, a short sale contract could have been submitted or accepted, or many other items that are both internal to the foreclosing company and external.
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