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My offer was accepted on short sale. Waiting for bank. Now I see it up for auction. What the heck?

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June 02 2013 - Lompoc
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Answers (5)

Just curious if the Bank proceeded with the sale since you first posted your question?
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September 19 2013
If your offer was only accepted by the sellers, it was still subject to short-sale lender(s) approval. So, it is possible that lenders might have selected forclosure track instead of short-sale.

If your offer was accepted by the short-sale lender(s), then they could not proceed with foreclosure as California laws prohibit dual-track. You may want to contact an attorney for further details.

Good luck on your house hunting!

David Pham
National Brokers
http://www.nationalbrokers.net
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July 29 2013
Often banks will use a two track system on distressed homes. One department is handling the short sale while another department is handling the foreclosure. It's incumbent on the seller to request postponement of the foreclosure auction while they're attempting to do a short sale.

Many homeowners who are in the foreclosure process will request and get a postponement if they're in the middle of a short sale. A short sale is preferable over a foreclosure as the bank will get more money in a short sale than in a foreclosure.
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June 02 2013
If you are referring to auction.com, then most likely the lender is Nationstar Mortgage and they require the property to be listed at auction.com first before reviewing short sale documents. I had it happening to couple of my listings and I successfully fought them off because this requirement not only possibly violates Washington Deed of Trust Act, but also local MLS rules. In this situation the listing agent does not know what he/she is doing then, because lender cannot require specific marketing of the property if the lender is not the owner. The listing broker needs to be proactive here.

If you are referring to auction for sale by a trustee, then it's a normal process because the foreclosure process does not stop while the short sale is pending.

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June 02 2013
It depends... some lenders will still move forward with foreclosure filings, but hold off on an actual date because the home is in short sale. Make sure to talk to your agent and see if there has been any contact with the lender!
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June 02 2013
 
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