Hours away from Foreclosure Auction - can it be stopped?

Real Estate Agent with Keller Williams Realty

What a duzzie....I've been working this Short Sale and have reported on it here in another post in regards to the difficulty in getting this property to close by just trying to find a Lender who will lend in the deliquent condo community.  Well, two Buyers later with the 2nd Buyer having gone through 3 Lenders to be able to secure financing it's now down to can we stop the foreclosure auction date tomorrow? The Buyer found a Lender to finance in the distressed condo community as the Buyer is a A+ rated Buyer. The Buyer's Lender did their appraisal and the appraisal came in $10,000 below previously approved price of $115,000. Due to the length of time in getting Bank of America to process and approve this, the value dropped dramatically (a whole other post to talk about; timeframes with Bank of America.)

I submitted reduced appraised value to Bank of America and they initially rejected it saying that it wasn't meeting approved net. They were simply looking at the current needed net according to the $115,000 approved price. Well, I knew that the net would differ with a $10,000 reduction in value and what the Buyer now was willing to pay and what needed to happen was to re evaluate fair market value. I kept getting the same answer, "no" they wouldn't approve the new lower net. 

It didn't make sense and I didn't take "no" for an answer.  To me it was very simple, if the appriased value is at $105,000 that means you will not find a Buyer who will purchase the property for above market value; would you?!  It was very clear if they didn't approve the new value then it would go to auction and the foreclosed value would decline rapidly. Common Sense....does anybody have common sense?

I tracked down management as I know that I had to find somebody who had common sense. It worked and management agreed - $105,000 would be approved. However, due to the delay in getting the new updated approval and in needing the Investor to postpone the foreclosure sale date, I'm standing still waiting to see if it can be postponed in time as I was just given the verbal approval this afternoon.

Stay tuned in the days ahead....Can we stop the auction tomorrow? Have you ever had the pleasure in going through such a scenario?

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Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Lynn, yes. We stopped a foreclosure the day before. We were in touch with the Executive Offices of the bank and they stopped the sale. However, the day before a sale is not a day to trust anyone's word. I also called the attorney's office to be sure they were notified and also called the courthouse to see if the house was removed from the docket. It was in both instances, but you can't take any chances with such a short time frame. Hope it worked out for you!

Mar 09, 2010 12:16 PM #2
Joey Remondino
RE/MAX Preferred Properties - Vienna, VA
Broker, GRI, E-Pro

Unfortunatly I had a similar situation and the foreclosure proceeded even though I was told it had been stopped.  Good luck I really hope it works out for you.

Mar 09, 2010 01:16 PM #3
David Dee
IRN REALTY - Alhambra, CA
Real Estate - San Gabriel Valley (L.A.) & N. Orange County CA

From the desk of David Dee,

Lynn, hope things work out for you. It would help if banks have common sense which they sometimes don't. Life would be easier I would say. :D

Mar 09, 2010 04:14 PM #4
Kevin Vitali
EXIT Realty- Massachusetts Short Sales & Residential Sales - Tewksbury, MA
Helping Massachusetts Home Buyers and Home Sellers

I have been succesful stopping auction a few days or a day before they are set to go.... it is touch and go though.

Mar 13, 2010 12:24 AM #5
Lynn Pineda
Keller Williams Realty - Coral Springs, FL
Coral Springs REALTOR- Promises Delivered

Ginevra, thank goodness we didn't have to worry about picking it up after foreclosure. read my update. Thanks

Sharon, yes, I too had some good luck as I reported in my post update.

David, isn't that the truth...just imagine how well all would turn out if a bit of common sense was used.

Kevin, yes, nothing like getting down to the touch and go of the last minute. No stress there, right?!

Mar 13, 2010 12:23 PM #6
Catina Wright
Lake & Land Realty - Rocky Mount, VA
Your franklin county va expert

 I have stopped them a few days before and just a couple of weeks ago we stopped one on the court house steps.....that was a FIRST for me. The only reason they stopped was because I had a cash offer in hand that i had been trying to get them to accept for days!

Mar 14, 2010 03:51 PM #7
Diana Perez
Majestic Properties - Miami, FL

Goodness, good luck, now I am need of some. I need to know the foreclosure sale date for one of my sellers, do you have a number or web link? I have searched in the Broward Clerk.org website but I only see an auction calendar. I even searched the Broward Property Appraisers office. Please! Help? Thanks!

Aug 10, 2010 03:54 AM #8
Lynn Pineda
Keller Williams Realty - Coral Springs, FL
Coral Springs REALTOR- Promises Delivered

Hi Diana, I would suggest that you ask the Seller's Lender to see if there is a auction date or ask for the Attorney's number for the Lender handling the case. I can access data on my MLS Board and I'm not sure what your Board provides. Do you belong to RAGFL?

Aug 10, 2010 01:03 PM #9
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Lynn Pineda

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