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After doing some more research, I found out that the house is listed on Auction.com and the bank has initiated this. The realtor finally did contact me on Friday about the upcoming open houses. I can't for the life of me understand, why if there is a contract on the house with a solid buyer, why the bank would pause the sale. Seems silly!
That same buyer had a maximum price he would pay for that property and would have paid that same 10% to "you" if you used a flat rate MLS service.
This was over 12 years ago. Flat rate services did not exist in the area at the time, and there were several other considerations including the fact that we did not want to move twice. The cost of that alone would have eaten up a chunk of any extra money we "might" have received. The cost of setting our closing date upfront thus requiring a single out of state move, and the lack of any mortgage, appraisal or inspection contingencies was, to us, worth any additional money we might have received. We did have the property listed some months before and had received a verbal offer that never came to fruition after we told the crazy buyer to take a hike. We ended up with a higher offer at auction.
One other factor was that a major employer in the area was laying off the professionals that were part of our buyer pool. Throw in that it was immediately after 9-11, which impacted the real estate market and mood of the nation, and the decision was easy.
We have been renting a townhome for almost two years, pay on time and keep the home immaculate. About three months ago the owners notified us that they have been trying to re-modify their loan for over a year and the bank has refused to work with them. Therefore, they can no longer afford to keep the home and have put it up for sale as a short sale. They have swore up and down that they are not behind on the payments. The day it was put on the market, an investor put in an offer and we have been waiting ever since to find out if the bank accepted the offer. (The investor, would like to keep us as tenants, so we do not have to move.)
I have not heard anything from the owners, realtor or our property management company in three months and the house shows that it is pending on the MLS. I know the process for short sales can be very lengthy. However, today I was looking on Redfin and found out that there will be two Open Houses next week before the home goes to auction on May 31. There has been no Notice of Default sent to our place, or posted on our door.
This is making my husband and I very nervous, especially because no one has let us know this is all taking place. We just want to be prepared if we have to move our family on short notice. If the house isn't in default, how can it go to auction? If someone could enlighten me, it would be greatly appreciated.
Thanks in advance!
I just wanted to tell you, I work with homeowners who have defaulted on their properties. When the enter a shortsale it can be a long process. A homeowner whose current on their mortgage can apply for short sale as long as their proprty is upside down.
I just wanted to tell you, I work with homeowners who have defaulted on their properties. When the enter a shortsale it can be a long process. A homeowner whose current on their mortgage can apply for short sale as long as their proprty is upside down.
AND as long as they have a hardship recognized as such by the lender.
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