Asked by Oh My God, North Hollywood, CA Tue Oct 19, 2010

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Kevin Olson,…, Agent, Colorado Springs, CO
Tue Oct 19, 2010
Have your agent and/or short sale negotiator stay on top of it. Getting extensions has gotten a lot harder, Wells Fargo put a stop to all extensions and I'm sure other banks will follow soon.
2 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Tue Oct 19, 2010
Where is the listing agent / short sale negotiator? They should be working on this and know if the bank is going to postpone the sale.

Also, please note, contrary to advice given in a prior post, in California showing up at the trestee auction with your signed purchase contract WILL NOT stop the foreclosure sale. This needs to happen between the investor, servicer, and substitute trustee before the auction. The good news is, it can happen as late as the morning of the auction. However, the negotiation to do so needs to be underway long before that time. And the bad news is, some banks have decided to NOT postpone ANY foreclosure sales, even if there is an ongoing short sale negotiation.

It is unclear from the post if you are the seller or the buyer. It is the listing agent who should be on top of getting the extension. Make sure that you, or your agent, makes sure this happening. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
1 vote
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Wed Oct 20, 2010
That sinking feeling is not a good one.
If your agent agreed to negotiate your short sale for you,
Your agent should be working on this.
I will say that banks have taken a new approach.
If the short sale is not approved by the sale date, the foreclosure goes forward.
This means sitting on the fence is no longer an option.
If you or someone you know is behind in their payments it is wise not to wait if they want to salvage their credit and short sell it.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate License # 01312992
0 votes
Bob Movin-On, , Hartford, CT
Wed Oct 20, 2010
There are 2 ways to do this first call your bank and ask (make sure you get it in writing), the second is to go to the clerks office at the court where the foreclosure was filed and file the necessary papers to open the case putting you in front of the judge. In most cases the judge will give you more time.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Tue Oct 19, 2010
Your real estate agent or whoever is handling your short sale should be working on that for you. If there is a decent offer on the property then hopefully they will postpone the trustee sale date.

Sara Mehrpouyan, CDPE
Rodeo Realty
Specializing in REO & Short Sales
0 votes
Ryan Smith, Agent, Murrieta, CA
Tue Oct 19, 2010
You should find out if Fannie Mae and/or Freddie Mac own the seller's loan. The decision to extend the sale date is up to them if they own the loan, so it will be out of the negotiators hands is some cases. I know it's getting more and more difficult to extend sale dates. Like Kevin mentioned below, Wells Fargo is no longer extending sale dates.

The seller can always file BK and this will extend the sale date.

Good luck!

All the best!

Ryan Smith
0 votes
Debo Cornett, Agent, Millers Creek, NC
Tue Oct 19, 2010
The Short Sale/Foreclosure procedure seems to be changing by the minute. The banks are overwhelmed by their overwhelming load of defaulted loans and negotiators are struggling to stay on top of it all. I agree with the other answers, the Negotiator can be the one who can make or break the situation. If you have a commitment for a Short Sale, meaning the bank has officially accepted an amount below what is owed, the Negotiator "should" be aware of this and would typically be a part of the process of accepting it. So if you're in the midst of an acceptance or working toward a closing for an accepted offer, stay on the Negotiator so he'll be able to reduce his load by one. Good luck.
0 votes
Dave Griswol…, Agent, Bridgewater, NJ
Tue Oct 19, 2010
Hi Oh My God, Take your contract and go to the courts show them you have a pending sale and need to hold off on the sale date.. they should give you 30 days and your still entitled to 2 more weeks after that and as those have said below keep on negotiator or Realtor to get this deal moving. It's so hard to keep the buyer,seller,mortgage company and possible 2 lawyers all together during this time.

In N.J the courts allow time for short sales, often times so will the bank if you press them.

all the Very Best
Dave & Lisa
Web Reference:
0 votes
Adam, , Lafayette County, LA
Tue Oct 19, 2010
I agree with Kevin....have the negotiator stay on it. Every time they call, have them make sure there is no date set....and if there is, get them to put it on hold, or atleast extend it until negotiations are over. It can be stopped if a short sale is already in progress. I hope this helps. If you have any questions, don't
0 votes
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