Postponing a Foreclosure

Asked by Rick, 95014 Sat Apr 7, 2012

My home was listed as a short sale since Jan 12, a week after, an offer was accepted. 3 weeks later, i received a notice of trustee sale scheduled for April 15. 10 days ago, the buyer walked away, but luckily a new bid was accepted today. Do you think i have enough time to postpone the auction? Is informing the bank about the new offer will speed up the process?

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Felix Hung, Agent, Huntington Beach, CA
Sun Jul 15, 2012
Rick,

I hope your home sale went well or is still going well. With 8 days, that SHOULD be plenty of time to postpone a sale date but it depends on the bank, the new offer price/terms, and your agent's persistence. I don't see why they wouldn't postpone the sale date based on what you told me but if they didn't probably one of the following occured:

1. the new offer price/terms was not even close to what they would accept and they rejected it outright to move forward with foreclosure.

2. the lender postponed the short sale BUT the listing agent did not follow up enough or check with the trustee to ensure it was postponed.

3. the lender did not get the order to stop/postpone the sale to the trustee in time before the sale occured.

I hope none of the three above occurred.

Felix
0 votes
Robert Lei, Agent, Cupertino, CA
Sun Jul 15, 2012
Hi Rick,
Were you able to postpone the auction? Conditions these days are much better for sellers than back on Jan 12th when you accepted the original offer. You could sell much higher these days. Do you think it would still be a short sale?
0 votes
Stu Carson, Agent, San Jose, CA
Sat May 26, 2012
Are you still looking for answers to this question? Help... advice?
Stu
0 votes
Steve Mun, Agent, Campbell, CA
Mon Apr 9, 2012
Rick,

As everyone has indicated, the best place to start would be to speak with your Realtor and have them talk to the negotiator about your particular facts. Facts are different for each case and who the players are also matter.

Many lenders will not postpone a Trustee Sale if it is less than a week out from the sale date. If you are bringing in a completely new buyer, that may not be acceptable to some lenders.

If it is Bank of America, and you are bringing in a backup buyer with similar terms, then they will permit it if it is less than 8 days from when the original buyer walked. This was a recent change from the previous 14 days window.

Again, there is no off the rack answer. Everything depends on your particular fact pattern.
0 votes
Andrea Wince…, Agent, Milpitas, CA
Sun Apr 8, 2012
Your Realtor should be in contact with your lender. Ask them the status or call your lender directly.
0 votes
Ricky Ablaza, Agent, Milpitas, CA
Sat Apr 7, 2012
HI,

Your situation is really tight. Your realtor needs to submit the new offer immediately and request the negotiator or short sale specialist to request for a postponement of trustee sale. Once done ask your agent what the response of the negotiator/specialist is. You can also talk to the specialist. Suggest you do it right away.

Good luck.
0 votes
John Juarez, Agent, Fremont, CA
Sat Apr 7, 2012
Your Realtor and/or whoever is negotiating your short sale are the best ones to answer your question. Anything anyone in this forum tells you at this point, so close to the original foreclosure date, without knowing all details of your transaction is a pure guess. You need the facts provided by those who are closest to your transaction and not guesswork from for afar.

Good luck!
0 votes
Terri Vellios, Agent, Campbell, CA
Sat Apr 7, 2012
Your listing agent is your best resource for this question.
Web Reference:  http://www.TerriVellios.com
0 votes
Nina Daruwal…, Agent, Cupertino, CA
Sat Apr 7, 2012
Hi Rick,
I am guessing you are working with a Realtor, and they should be the one to Contact the Bank and Negotiate for you....If you do have a valid offer in hand, and there is a good Negotiator at the Lenders, then they can postpone the forclosure and process the Offer as a short-sale........every lender is different, and the skills your Realtor has in Negotiating with the Lender here will count!
Which property is this?? In Cupertino?? Is it on the Market?? i didnt think any short-sales existed in Cupertino....in this market you should have got Multiple Offers!!
Wishing you the Best,
Nina Daruwalla
Web Reference:  http://www.ninadaruwalla.com
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Sat Apr 7, 2012
Hustle your request for a trustee sale postponement to the trustee, the lender and the court, if you are in court. Do things quickly, you have no time to spare.
0 votes
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