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My cousin has house in far western suburbs of Chicago...its well into foreclosure process....
She's probably 90 days from Sheriffs Sale as best as I can figure. With two little kids she is starting to panic. I'm wondering/asking if she manages to get a contract, but is not immediately near an acceptance by BofA (BAC Home loan servicing) or a closing date, would they at least put a hold on the Sheriffs Sale, since they potentially could sell/close it this way - but not for a few months?
Is this a hard and fast kind of thing, where if you are close it wouldn't matter, and the Sheriffs sale would occur anyways.? Any thoughts? Thanks.
...I'm wondering/asking if she manages to get a contract, but is not immediately near an acceptance by BofA (BAC Home loan servicing) or a closing date, would they at least put a hold on the Sheriffs Sale, since they potentially could sell/close it this way - but not for a few months?
Is this a hard and fast kind of thing, where if you are close it wouldn't matter, and the Sheriffs sale would occur anyways.? Any thoughts? Thanks.
There is no rule for this. Each situation will be different and will depend on the listing agents success in negotiating with the lender.
They CAN delay the sale, but there is no rule that says they MUST. Usually they do postpone if a realistic short sale offer is pending, but there are no guarantees.
Keep in mind that the SS dept and the foreclosure dept of the bank may not communicate. I had some friends who got a SS approval letter from the bank the Monday after the house sold at foreclosure auction on Friday. The house sold for far less at auction, than their offer was for the SS.
If going:
Deed in Lieu of Foreclosure
Sell and bring money to closing from family or savings or retirement
Short Sale - get the lender to approve the shortage
Foreclosure
Bankruptcy
Most of these options require the consultation of legal, tax and real estate professionals.
Keep in mind that the SS dept and the foreclosure dept of the bank may not communicate. I had some friends who got a SS approval letter from the bank the Monday after the house sold at foreclosure auction on Friday. The house sold for far less at auction, than their offer was for the SS.
This happened to me as a buyer. I had an offer in on a SS and it ended up going to auction and selling to an investor for about $20K less than my offer.
cowboyxjon, why didn't you bid at the auction,, right up to the SS price already offered? IT seems the banks are not yet staffed to deal with all of the properties, so buyers should work for the best deal they can get. Sometimes the bank auctions state in the fine print that the bank may accept or reject the best offer, so they might check for pending offers before approving the best auction bid. There sure are lots of strange stories with lenders these days.
cowboyxjon, why didn't you bid at the auction,, right up to the SS price already offered? IT seems the banks are not yet staffed to deal with all of the properties, so buyers should work for the best deal they can get. Sometimes the bank auctions state in the fine print that the bank may accept or reject the best offer, so they might check for pending offers before approving the best auction bid. There sure are lots of strange stories with lenders these days.
Usually at the auctions, you must have cash in hand. On a short sale, you can still finance. Thus, most people who COULD buy a short sale are not equipped to buy an auction.
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