If a short sale is scheduled for auction in 6 days, can the seller submit an offer to the bank and stop the foreclosure in San Diego county?

Asked by Puppy123, 92028 Fri Jul 15, 2011

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Pam Moss, , Bonsall, CA
Sun Jul 17, 2011
I know what you mean regarding the actions of the aforementioned listing agent. It is unfortunate that there are a few questionable apples in the basket but most agents work ethically and hard on behalf of their clients. If your agent believes that unfair practices took place perhaps it would be appropriate to bring it to the attention of the professional standards committee at the board to determine if in fact an unethical act took place
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Lucia Islas-…, , San Diego, CA
Sat Jul 16, 2011
Yes, they can. Sometimes even the day before the sale subject to the bank and their policies. It also depends on who you talk to at the bank (rep). You may get someone who is willing to help postpone the sale or someone who doesn't care to make an effort. We keep calling until we get results. I had an agent postpone the sale the morning of the auction.

Sounds like your in a different situation though. Sorry to hear your misfortune. Hopefully, you'll have another shot at it. I had something like that happen to me last week. The listing agent is a "relative" of the seller, he listed the home as an "REO". We submitted a very aggressive offer 20 day COE; $20k EMD with an increased EMD of $10 for a total of $30k in escrow within 3 days of acceptance. We offered the higher end of what they were asking 35% down conventional loan.... lisitng agent took his time to counter all 14 multiple offers on the 4th of July & had the nerve to add "Don't call me with any quesitons!" on his email. Everyone was scrambling to get their counter in. He took 3 days after the 4th of July to tell us that the deadline was the Thursday at 5pm to submit all counters. He was going to present them to his seller on Friday would respond to us all by 5pm. We didn't hear anything until we finally asked on Saturday "Sorry, to bother you but what's the status?" He replied that they accepted another offer. We asked if they were accepting counters & if we were close. He did not reply. Come to find out it was a traditional sale...why he listed it as an REO we may never know. He even put it in contingent status? It is now pending. We shall see. This was very fishy too.
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Puppy123, Home Buyer, 92028
Sat Jul 16, 2011
Thanks for your answers everybody!  I am actualy hoping it goes to foreclosure becAuse the seller accepted another offer, and the seller is also the broker on this property that has been on market for a year. They did a giant price drop a few days ago so my broker repeatedly tried to talk with the broker who never responded, so we submitted an offer the next morning only to have the broker call my broker the much later that day to tell her she accepted an offer the afternoon before(the same day as price drop).  It was all very fishy and upsetting and it of course has left me curious to know what the odds are that I'll have another shot at this property as an reo. 
Again, many thanks for all the input.
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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Jul 16, 2011
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, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
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Pacita Dimac…, Agent, Oakland, CA
Sat Jul 16, 2011
As the others have said, it's possible....but not guaranteed.

But both the seller and the listing agent have a lot of phone calls/faxes to do to get it postponed. I was approached by a prospect whose condo was to be auction in 2 weeks. Luckily, we got an offer a day after I activated the listing.

But to get through the lender's representatives, it took call after call, being transferred from one department to another.

Perserverance is the key.
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San Diego Ho…, , San Diego County, CA
Fri Jul 15, 2011
In short - yes, but you need an agent who knows exactly what to do. We have done quite a few postponements, even on the day of sale! But of course the earlier the better. So please give us a call to go over your options - no obligation.

Chris Mackey
San Diego Housing Solutions
t. 858-254-6741
f. 858-433-2963

Sales - Short Sales - Loan Modifications – Investments - Consulting
http://www.SanDiegoHousingSolutions.com or http://www.SDHS.com

California DRE License Number 01352399
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Brad Manning, Agent, Fallbrook, CA
Fri Jul 15, 2011
Yes, it is possible. I have done quite a few short sales and have had the banks postpone auction on many occasions. Give me a call or an email if you'd like to talk more about this or any other questions you may have,
(760) 419-1144 or manningBandL@aol.com
Team Manning
Remax/United Fallbrook CA
Lic #01293191
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Rod Watson, Agent, San Diego, CA
Fri Jul 15, 2011
Yes it is possible and I get them done very often. However time is limited give me a call to discuss the process. 281-797-3841.

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Walter 'Skip'…, Agent, Brea, CA
Fri Jul 15, 2011
Yes Puppy it is possible to submit an offer and stop the auction sale. It is not automatic that the offer will stop the sale but possible. Make sure your agent communicates daily with the bank to stop/delay the sale.
Good luck,
Web Reference:  http://ocnorth.com
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Eli Givoni-S…, , Boca Raton, FL
Fri Jul 15, 2011
It is possible, but six days is really not giving the bank a lot of time to make it happen.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
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