Just saw a foreclosure notice tacked on the house we're trying to buy! (Phoenix: bank owned, sales) - Arizona (AZ) - Page 2 - City-Data Forum

rbe2008 · 08-16-2009, 06:11 PM

I hear you! The first house we were told we had a deal on was very close to my husband's office. And it was perfect inside - absolutely move-in ready. They should have taken our offer. It's back on the market again.

Their antics necessitated us making a second cross-country trip to look at homes. The one we found is truly miles above the first one. Great views, lovely floor plan, fabulous neighborhood. We feel it was worth all the upset, the waiting, and the additional expenses.

Cleaning up a pool is normally nothing more than a shock treatment and additional chemicals for a while. Yard work always has to be done.

Here's hoping you can work it out with the bank. They don't want to hold on to it any longer than they have to.

Maybe you'll be moving sooner than you think?

altus2006 · 08-16-2009, 07:06 PM

Quote:

Originally Posted by Rick Lee

Well, we know they've done the BPO's for both loans on the house. Why would they do that if not for our offer? The seller accepted our offer and I can only assume his agent sent it on to the bank to get the process started. The bank has also sent us some papers to sign, so it seems like they're going through some effort and expense here. I just kinda wonder why this seller abandoned the property, since he obviously could have stayed there until at least the trustee sale without getting kicked out.

The fact that the seller accepted your offer means nothing to the bank. The listing agent has priced the house at his imaginary price that he thinks the bank might take in order to get his clients off the hook for their mortgage.

The fact that the bank has placed a foreclosure notice on the property means that the listing agent needs to get some info as to why and if his offer is even being considered or if the bank is ignoring it and foreclosing instead.

If I were in a toot to move, short sales would not be on my list of properties to view. There was a recent article in the AZ newspaper which indicated that less than 5% of short sales actually close, so your odds are better at the tables in Vegas than buying a short sale here.

altus2006

Rick Lee · 08-16-2009, 07:57 PM

Well, we've seen plenty of short sales close that we made offers on and lost out to higher offers. But we weren't in any kind of hurry at all when all this started. Now we're getting to be in a hurry and will no longer look at short sales.

I have to think Wells Fargo has seen our offer and is very close to accepting it, as the BPO's are done and they've sent us some stuff to sign (short of an acceptance though). I hope our agent can get a straight answer out of the listing agent tomorrow and find out why we weren't told of this situation earlier.

smartygurl · 08-16-2009, 08:14 PM

Did the notice of trustee sale on the front door have a date on it as in when it may have been put there?

Rick Lee · 08-16-2009, 09:05 PM

I think it was July 7th, but we were last in that house a few days before that. I can't believe his agent would have strung us along since then, if he knew about it. Why?

MotleyCrew · 08-17-2009, 07:50 AM

The lender owned homes go far faster than the short sales.

Don't give up.

altus2006 · 08-17-2009, 12:17 PM

Quote:

Originally Posted by Rick Lee

I think it was July 7th, but we were last in that house a few days before that. I can't believe his agent would have strung us along since then, if he knew about it. Why?

The selling agent will string you along because he wants the sale to work. If it goes into foreclosure, he is out his commission. This is why many short sales will have large price drops before going into the Trustee sale.

If the agent can get some offers, it may delay the foreclosure and possibly result in a sale and commission to him.

There is still the fact that only 5% result in closed purchases no matter how many short sales you think have closed. If you need a house soon, avoid short sales like the plague.

altus2006

andrzejn · 08-17-2009, 01:24 PM

Quote:

Originally Posted by Rick Lee

Well, we know they've done the BPO's for both loans on the house. Why would they do that if not for our offer? The seller accepted our offer and I can only assume his agent sent it on to the bank to get the process started. The bank has also sent us some papers to sign, so it seems like they're going through some effort and expense here. I just kinda wonder why this seller abandoned the property, since he obviously could have stayed there until at least the trustee sale without getting kicked out.

Banks starts ordering BPO's as soon as owner is 30 days late. When owner submits purchase contract to the bank that gives bank an excuse to allow them to inspect the property inside before they become owners. Purchase contract does not stop foreclosure process.

Rick Lee · 08-17-2009, 11:51 PM

We went inside the house today to check it out again. It was very clean on the inside, totally empty and vacuumed. My only concern is the pool and the fact that the power is turned off, which controls the drip system, which means the landscaping will soon all be dead. Our agent still says this one looks like it could close, since the bank's work is all done and we're just waiting for their formal acceptance of our offer. I don't know that I can stomach having to wait until mid-October now while the house falls into further disrepair before we can do anything to fix it. I guess the seller and his agent should be motivated to make this short sale close before it goes to foreclosure. And we're gonna demand they bring it back to the condition it was in when we made the offer.

MN-Born-n-Raised · 08-18-2009, 05:59 AM

Quote:

Originally Posted by Rick Lee

We went inside the house today to check it out again. It was very clean on the inside, totally empty and vacuumed. My only concern is the pool and the fact that the power is turned off, which controls the drip system, which means the landscaping will soon all be dead. Our agent still says this one looks like it could close, since the bank's work is all done and we're just waiting for their formal acceptance of our offer. I don't know that I can stomach having to wait until mid-October now while the house falls into further disrepair before we can do anything to fix it. I guess the seller and his agent should be motivated to make this short sale close before it goes to foreclosure. And we're gonna demand they bring it back to the condition it was in when we made the offer.

I was told by someone in Scottsdale that if the power is off, that means that the house can get extremely hot inside. They said over 140 degrees. Plumbing seals can get damaged with hot dry air over time and grout can "pop". That's just want I heard. I'm not from Phoenix but I heard it from a Scottsdale agent.

Green pool?? No problem. My MN pool is green right now because we were on vacation for a week and the pump got turned off. $150 of chemicals and 1 week and it will be clear again.

If I was you, I'd be shopping for a back-up plan and NOT waiting. You are in a different price point. 85% of all sales are below $250K in the Valley. Generally speaking that means the lower prices stuff is going up (1st time buyers) and the more spendy stuff has more to go. Since you are looking at property above $300K, it's still a buyers market. Potentially I would be choosing another agent but i don't know your specific relationship.