When you see a Trustee Sale notice in the newspaper it means that the foreclosure process is almost to the end where the bank may take back the property. However, until that sale date happens, the owner of record is still the legal owner with all the rights of an owner. If you want to try and buy the property you need to contact the current owner and see if you can buy it from them through a short sale. However, the banks are not too keen on doing a short sale at this late date. It also gives you notice that you can show up at the Trustee Sale with cash and see if you can bid on the property. And, cash means, cash, not your check book. Often the bank wants much more than the published balance owing than what was published in the paper. You need to do your homework as there is often a second behind this first and that is information you want to know. Or it could be the second who is foreclosing and then they are liable for the first. Sound confusing? Well, that is why you need to know what you are doing to protect yourself. Hope this information is helpful.
Well after four months the bank has finally accepted the offer on this property! It is truly amazing to me that it took so long. We have been working on this for over a year. In December we had an accepted offer with the bank and then the Buyer backed out. Instead of just letting us slip in a new Buyer we had to start the process all over again. Even so, I really don’t think it should have taken Chase over four months to approve this deal as it was basically very similar to the one they had already accepted. What a waste of everyone’s time and money. The poor seller is still having to pay all the utilities, insurance and taxes and such while they have been waiting for this approval. Well, hopefully this will all be done by the end of June. I will keep you posted.
Well 2011 wrapped up with a BIG BANG! I had 5 closings in the month of Dec and one of those was a short sale I have been working on since June! One of my agents had 4 short sales approved in 2 days starting Dec 19! Guess the banks finally want to get some of these off of their books. I still need an offer 210 Lenis before it goes to foreclosure. We had bank approval and then the buyer walked. We could make a great deal! From the things I have read, the predictions are that 2012 will be a great year for real estate. I have also read that investors will be a big part of this year’s market. I have seen some incredible deals, hope next year one of these can be yours!
After three months in escrow on this short sale the buyers have walked! Guess they couldn’t sell their home so decided to stay put. Anyway, that makes this an amazing opportunity for someone. It is hard to find a nice single story with over 1600 square feet. The home was built in 2003 and has new granite counters in the kitchen. Very neat and clean, call me to take a look. We just got approval on the first so should move relativley quickly. Let’s hope so anyway!
I can’t believe I am still writing about this transaction! The last post was in November and yes it is still in escrow. This month, June, marks the 12th month we have been working on it! Unbelievable. Bank of America got it approved back the end of March and then they sent it to HAFA. That has been an experience. They couldn’t find the appraisal that Bank of America had just done and OH NO they couldn’t ask Bank of America to resend it. Sooo, it took SIX weeks to get another appraiser out here and then over 3 weeks to get the appraisal. If I had not called them to keep them on top of this I have no idea what would have happened. Anyway, we finally got final approval last Monday and are now waiting for loan docs for the buyer. It should finally close at the end of the month. Amen!
- Image via Wikipedia
Well it is probably hard to believe that I have been working on this short sale since July and we don’t have a done deal as they say! Working with Bank of America and this Equator system is really getting on my nerves. One of my pet peeves is that fact that the short sale division is located in Maryland and they go home at 2pm PST! Sooooo, you can’t talk to anyone after 2pm. I did remind them that my sellers are both employed and it is difficult for them to call the East coast during their work day. I suggest they move 100 of the new 500 employees they hired to the West coast. Sounded like a good idea to me. Anyway, I have submitted my offer for the third time (don’t ask, I could write a book about now). I am so thankful my buyers have been willing to hang in there with me as well as the sellers. Our target for getting this closed is by the end of the year.