Had a listing in a great neighborhood and finally got short sale approval on it. The bank gave us until August 26th to close escrow or the foreclosure sale date is set for August 30th. The cash buyer walked and Fannie Mae will not postpone the sale date. We need an extension to get a financed offer in. This property will sell..its in great condition and its move in ready. Its in a beautiful neighborhood and next to great schools. The buyer walked at the last minute. Its so hard to understand why these banks wont work with us and postpone the trustee sale date...just so frustrating when you do everything you can to help the sellers and the banks just dont seem like they want to help. Any suggestions?
Colorado Landmark, Realtors - Boulder, CO
Service You Can Trust ~ Someone You Can Depend On
Anusha,
You would think it would be in the bank's best interest to try and work with you. They stand to lose so much more if they proceed through the foreclosure rather than working with you on a short sale. I've head so many horror stories like this though.
Aug 22, 2010 10:07 AM
Roseville Rocklin Real Estate - Keller Williams - Roseville, CA
Peek Real Estate Group - Roseville CA Real Estate
Fannie Mae, Wells Fargo, Wachovia, and others have dropped the hammer on foreclosures. REO agents are getting an increase in assignments now. Here we go again.
Sep 22, 2010 04:24 PM
Anonymous
Hey Anusha,
If the banks don't pospone the sale date, you can postpone it at the trustee level while still continuing to work on a short sale or modification. It is a complex tactic that focuses on stalling the sale by focusing on the trustee sale legality. You can delay the sale for 6 months plus by using this process.
Dec 29, 2010 11:27 AM
#3
Rainer
31,883
31,883
Anusha Paramesvaran
Purpose.....Passion.....Possibilities!!!
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