is this in foreclosure or in escrow?

Asked by Francine, San Clemente, CA Fri Jan 8, 2010

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Carolynn Santaniello’s answer
Carolynn San…, Agent, Tustin, CA
Fri Jan 8, 2010
Good morning, Francine.

Yes this home is in foreclosure with an auction date. However, I did a little research and there is a home on the same street that may be the same one that is a short-sale. With short-sales the auction dates keep getting put off until the bank determines whether or not they will approve the home to be sold short. The list price of the home on the MLS is 845K. It looks like that is the price being negotiated with the bank. It appears that an offer has been accepted and they may be in escrow, but I would have to confirm that with the listing agent. If you would like further information about this home, or the market in general feel free to contact me.

Carolynn Santaniello
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Karen Parsons…, Agent, Laguna Beach, CA
Fri Jan 8, 2010
Hi Francine,

There are two "active" listings on Calle La Primavera. One is an equity seller listed at $1.6 million (34135) and the other is in back-up status (34081) and is a short sale. Most likely this is the home they are showing you on this. Back-up normally means they have it in escrow, and they have an offer into the bank. This is listed at $845,000.

It also possible that this is not listed for sale yet....or perhaps they are working on a loan modification or will reinstate the loan, there are several reasons a home might not be for sale, but have a Notice of Default filed.

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