short sale was a waste (auction, foreclosed, agent, sales) - Foreclosures, Short Sales, and REOs - - City-Data Forum

elaf4056 · 05-01-2015, 02:45 PM

Hi

I have been working on a short sale for over six months and the day I received a bank approval was when the sale took place which was on the 30th of april, we did attempt to stop the sale by showing the judge that we have a short sale approval but that was no success. However the realtor mentioned that there is a small chance that the bank would be able to sell me the property when the bank takes ownership. So at the moment this house will be assigned to the REO department, So I was wondering if this would be possible ?

elliott01 · 05-01-2015, 02:57 PM

I knew a couple with the exact same problem. They were able to buy from the bank but for $40,000 more than they had been set up for in the short sale.

So sorry you are going through this.

Annilyna · 05-01-2015, 02:59 PM

Bummer. Sorry to hear that you're going through this situation, OP. The only thing I think you can do to see what your options are, are to talk to your real estate agent (hopefully you have a good one) and they should be able to provide you with any possible next steps.

Cape Cod Todd · 05-01-2015, 03:13 PM

Short sales are iffy at best. Most of the time it is a long haul but it works out in the end.

I had a listing that was a short sale years ago with bank of america and it dragged on and on for over a year. The buyer held on. In the end I finally got the go ahead and a closing date and the very next day they foreclosed? It was really shady in the early days of short sales.

I had another that was extended time and time again. The closing day came and we had a problem with one form and the buyers bank wouldn't close until it was straightened out. The selling bank refused to give another extension, the buyer moved into the house because they had no other place to go. The house was foreclosed on a week or 2 later and luckily the buyer was able to purchase the house through auction and saved themselves about $30,000. I was the agent and got "0".

The paper pushers at the banks don't care about anything except what is on the computer screen in front of them. Real estate is such an emotional business with many ups and downs and it is useless to tell them your personal story.

I would say keep trying but don't hold your breathe.