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Short Sale Offer

About 3 months ago I placed an offer on a short-sale property in Florida. My offer was accepted by the home owner and sent to the bank for processing. My real estate agent recently told me that the bank gave it to a third-party to process. About a week later, the real estate agent told me that this property is now going up for auction to see if the bank can get more money than what was offered? I've tried to research on this topic, but to no avail can I find much information. If the property is going up for auction is it still a short sale? Am I still eligible to get the property without attending the auction? Is there a way to see when it will be auctioned? My real estate agent said he is not sure when it is scheduled.

Thanks!
  • August 05 2014 - US
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Answers (2)

It appears that your offer wasn't approved by the bank. They either gave it to an auction company where the public goes and bids or it went to foreclosure auction to be auctioned on the court house steps. Foreclosure auctions don't offer any assurances that there aren't any other outstanding liens on the property being sold so they are usually attended only by professional investors.

There is very little way of knowing because banks aren't very forthcoming with information. That is the downside of short sales.

If you are really interested in this house, you might try googling the address regularly to see if it comes up on an auction website. If it goes to foreclosure, it could come back up for sale in a few days or a few years.
  • August 05 2014
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Profile picture for Outer Banks N C
These auctions are the new thing banks are using to sell off property it seems like to me, I see more and more of them. Your short sale offer could still be out there, but until the bank agrees to it and signs it, then it is pretty much worthless paper. Do some google searches for the address, when the auction site gets it to auction they list it all over the Internet to attract buyers. It is usually 2 weeks or more away when they get it on the Internet. I have seen them get lower offers at auction and still let it go to the auction buyer.
  • August 05 2014
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