Stopping the foreclosure does not happen. Postponing the foreclosure sale does happen. The answer to "is it possible to postpone the foreclosure sale while the bank considers the short sale offer?" is, IT DEPENDS
1. On the bank - some banks flat won't stop a foreclosure sale without 30 days notice, others will stop it up to the morning of the sale.
2. On the offer presented - is it fair market value or close? A low ball offer will usually NOT stop the sale.
3. On the listing agent / negotiator - do they know how to stop the sale? Do they have contacts at the bank? Are they willing to invest the time needed to follow up with the lender, the trustee, etc. to get the postponement?
All that being said, it has and does happen daily. The nice thing is, the auction is scheduled to happen in 6 days. You will know very soon if the short sale will proceed. And if the bank postpones the auction and all parties cooperate fully with the short sale requirements, you may own the house sooner than you think. Good luck and Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty