Auction for a short sale house

Asked by Hollie, Tracy, CA Tue Oct 22, 2013

The auction was set on 10/25. When will the listing agent know that the auction date has been postponed?

The listing agent asked us to deliver the deposit to title company even we should deliver it after the short sale approval per the contract. Will our deposit stop the auction?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Ali Qureshi, Agent, Pleasanton, CA
Sun Nov 3, 2013
Hollie,

Both the listing agent and your agent should be able to know when the sale date is scheduled for. The listing agent has real time knowledge and should be able to know the sale date.

As per the SS Addendum, your contract terms begin after the SS lender approved the short sale. So legally that's when a deposit should be delivered to title company. However, increased competition among buyers for short sale properties and to screen real buyers ca fake buyers, agent may ask to deposit EMD in title prior to an approval.
0 votes
Rajesh "Roge…, Agent, Dublin, CA
Tue Oct 29, 2013
Hi Hollie,

This is Roger again (I did answer your question on Dublin/ Pleasanton). Sorry! I didn't see your email before. I could have helped you on this. I have been doing short sales in the Bay Area (Even in Patterson, CA). For god grace, it has been going extremely successful as I have been in Project Management and my paperwork get accepted in one shot. Until now, I have done several short sales with Wells Fargo, Bank of America, Citibank, HSBC, Bank of New York Mellon, Bank of The West, and Aurora. All have been within 2 months close.

Let me know if you need any help in that.

Roger
925-980-4113
0 votes
Pacita Dimac…, Agent, Oakland, CA
Tue Oct 22, 2013
The listing agent should follow up with the lender to see if the auction is cancelled. Regular follow up by the listing agent is necessary when the property is close to being auctioned.

Your deposit won't necessarily stop the auction --- the lenders have internal processes and more than one department handling pre-foreclosures. If your offer was strong from the get-go, i.e., opening escrow upon acceptance, if your offer is at or near market value, and if the listing agent provided a complete short sale package with all the required documents to the short sale negotiators, your chances are vastly improved.

What does your own agent tell you? Your agent is your first resource since she/he would have all the details of your contract. On this forum, we can only speculate based on the bits of information you are including with your question.

Do you know if your agent is experienced and knowledgeable about short sales? How about the listing agent? Both agents' level of knowledge and experience is critically important in the short sale process.
0 votes
Brian Ripp, Agent, Fremont, CA
Tue Oct 22, 2013
Communication is very important at this point, between the listing agent and the short sale lender. It is possible to postpone the foreclosure, but if the lender doesn't know what is going on, then the sale will go on as scheduled.
0 votes
Hollie, Home Buyer, Tracy, CA
Tue Oct 22, 2013
When will the listing agent know that the auction date will be postponed or not?
0 votes
Hi Hollie,

The listing agent will know if the sale date has been postponed or not. It could depend on the situation as each lender is different. I have has situations where I was able to move a sale date just hours before the auction day.
Flag Sun Nov 3, 2013
Search Advice
Search
Ask our community a question

Email me when…

Learn more