Would you take a listing that is two weeks away from a trustee sale?

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Real Estate Agent with Alain Pinel BRE 01367196
https://activerain.com/droplet/hwY

Two weeks ago, this question was asked on another site. And my answer was "I did once, but probably won't do it again...It was so harrowing, and took so much fight out of me and the sellers."

I may have spoken too soon.

I received a call from a man who has hired more than one professional to help him do a loan modification. It's been nearly a year, and his efforts have not gained him any ground. The auction has been postponed twice before.

But now, with the auction just two weeks away, he is looking for another solution. He is desperate.

Someone had referred him to my blogs about short sales, and he called, asking for help.

I nearly choked when I found out he is just two weeks away from having his property sold at a trustee sale.

I told him that it looks like his only option at this time is to do a short sale, but that it will take a lot of work on our part to accomplish this. And we don't have a minute to spare.

I sent him the IndyMac short sale application, sent him other forms required by my company prior to doing a short sale, and asked him to meet me the following day at the office to complete the short sale listing package so that we can get the property on the market ASAP.

Depending on how quickly and how thorough he completes the application and supplies the needed documents, and how quickly we can get an offer, there may still be a chance.

So now, it looks like I'm going to be on another harrowing ride.

Am I foolish to take this on? I just feel like I am holding true to one of the reasons why I do short sale: I really want to help.

 

Update: I took the listing and activated it the  next day. Already receiving a lot of inquiries. Hoping we get an offer soon!

 

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Rainmaker
1,571,156
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

It's tough call when it gets that close, Pacita, but who knows.  Stranger things have happened.  Good luck with that one!

Aug 28, 2011 09:39 PM #40
Ambassador
2,006,042
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

no brainer for me. . this is what we do .. .help people and as long as there is a committed seller, I 'll fight for them

Aug 28, 2011 11:13 PM #41
Ambassador
767,860
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)
My morning meditation included this fro Corinthia10:24 No one should seek their own good, but the good of others. That says it all.
Aug 28, 2011 11:29 PM #42
Rainer
93,232
Michael L. Brownstead
Keller Williams Realty - Allen, TX
ABR, GRI, MRP, SRS, 1SG US Army (Ret.)

Pacita, good luck with this one and please let us know how it works out.

Aug 29, 2011 12:15 AM #43
Ambassador
2,567,704
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Pacita, any attempt prior to the auction block is worth taking. Once the banks recognize that a qualified agent is involved, and they have a belief that the property can still be sold without auction they will listen. So many auctions get less than the requisite funds for the bank. Good Luck if you've gone down that path.

Aug 29, 2011 12:37 AM #44
Rainmaker
3,052,363
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Pacita i have found through my many short sale listing and sales that it just may not be enough time. Once an auction date is set, it takes an act of god to stop or postpone it. Simply put the bank wont want to start the process to a foreclsoure auction over. I find teh best results come with teh most amount of time available. If you are within 30 days of a foreclosure auction, that short sale package needs to be complete, the offer needs to be at or very near current market value and there really should not be a second mortgage in order to make it work. good luck with your challenge.

Aug 29, 2011 01:24 AM #45
Rainmaker
1,384,327
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Pacita, two weeks is better than one week. You never know until you try. Good luck with the listing.

Aug 29, 2011 01:39 AM #46
Ambassador
1,154,798
Bryan Robertson
Los Altos, CA

It might be worth it, especially if you think you can get the lender to give the seller more time.  Anything is possible, especially when so many foreclosures are stopped at the courthouse steps.

Aug 29, 2011 02:06 AM #47
Rainmaker
136,142
Sherri Berry
Reliant Realty, Murfreesboro - Murfreesboro, TN
Murfreesboro TN Homes & Real Estate

Good luck with this one Pacita!  You are obviously knowledgeable enough to help him more than any one else!  Everything happens for a reason!

Aug 29, 2011 02:14 AM #48
Rainmaker
2,190,192
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I would qualify it first. I'd qualify the seller, too. If I felt the seller was her own worst enemy -- and I'm sure you know what that means -- then I wouldn't take it. If it was a fannie mae loan, I wouldn't take it. But IndyMac, yes. The home would also need to be impeccable, in a good location and fairly simple to sell.

Aug 29, 2011 02:34 AM #49
Rainer
169,750
Allan Sanchez
Roseville CA & Rocklin CA Short Sale Agent - Roseville, CA
Rocklin & Roseville, Short Sale Agent

I would take it and here's why:  First, you never know, you could pull a rabbit out of the hat, get an offer, submit it and the package to Indymac, and get it postponed.  Second, it could automatically be postponed even though it has been before.  Third, you can put up a sign and blog about it on AR.  Even if you don't have enough time to see it through, you can still advertise yourself in the process.

Aug 29, 2011 03:33 AM #50
Rainmaker
852,313
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I have done them more than once and it was because they need help and were involved.  Others I have been unable to help because they were disengaged.

Aug 29, 2011 03:34 AM #51
Rainmaker
517,919
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

I wouldn't.  Even if you sold it in that time period chances are you won't close on time.

Aug 29, 2011 03:48 AM #52
Rainmaker
256,404
Susan Jackson
America's Network Realty Group, Inc - Sandy Springs, GA

Why not!  Give it a try, in the real estate market you just never know.

Aug 29, 2011 05:01 AM #53
Rainmaker
571,768
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Pacita,  Given the brutal market in many areas of the country and the time frame you have to work with I'm hoping the sale can be postponed to give you some breathing room !  Good luck - you're going to need it with this one !

Aug 29, 2011 06:09 AM #54
Ambassador
2,136,461
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

I took one on a Sunday night that was scheduled for auction on Tuesday and actually got an offer for cash on Monday and stopped the sale on Tuesday and closed on Thursday. So, yes, I would take the listing!





Aug 29, 2011 07:28 AM #55
Rainmaker
125,416
Kim Dove
Watson Realty Corp - Jacksonville, FL
Realtor - Jacksonville FL

Pacita, I say go for it! I would make sure that the customer is aware of worse scenario and then work my butt off. I love a challenge and this certainly would be one.

Good luck to you and your customer.

Aug 29, 2011 01:36 PM #56
Rainer
8,548
Leondra Dimery
Urban Nest Realty - Las Vegas, NV

Pacita, I say go for it!  Helping our clients is what we do.  As long as your seller is totally committed to bending over backwards to get you whatever you need or his lender is requesting, you will get the job done.

Best to you and your seller.

Aug 29, 2011 03:26 PM #57
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

UPDATE: I took the listing

Mike -- after meeting the seller, I was glad I took the liisting.

Fernando - thanks for validating the brain part....and later the heart part of doing what we do.

Charita -- now, I will need divine blessings to make this happen.

Michael B -- it will certainly be blog-worthy for my online diary on Active Rain.

Ed --- I was buoyed by others who said they have saved their clients from foreclosure at the last minute by doing short sale.

Scott -- the sellers has nearly all the necessary documents together since he had been applying for loan modification but was rejected

Michael S -- now that you put it that way, 2 weeks can still give us enough time

 

Aug 30, 2011 10:36 AM #58
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Bryan -- I'm giving it my best shot

'Sherri -- you're right...everything happens for a reason. This client said he's had my name given to him by his daughter over a month ago. He waited this long but he is glad he made the call.

Elizabeth --- I spent an hour talking with him to truly understand his position. He brought his worn-out briefcase prepared to discuss anything and give me all the documents he had.

Allan -- I hope I have the magic in me

Elite--- seller is committed. And therefore so am I

Morris --- I'll certainly give it a try

Susan --- Putting a lot of heart into this.

Bill -- I will need more than good luck.

Todd -- nothing like a success story to inspire me

Kim -- I did go for it. I hope it doesn't run away :)

Leondra -- I can use blessings with luck for this one.

Aug 30, 2011 10:42 AM #59
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Pacita Dimacali

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