Just about a week and a half ago, I wrote a blog post about Fannie Mae’s approach to short sales when there is a pending auction date or Trustee’s Sale. This is an important post for agents to read if they are listing short sales where the subject property is already in the midst of the foreclosure process.
Sadly, I’ve got another trend to report. And, this one is going to keep me pretty darn busy for the next month or so.
As most of you know, my staff and I provide third party short sale negotiation services to real estate agents throughout California and beyond. We always have some pending auction dates. But, last week, I was listening to the staff grumble and groan more than usual about those foreclosure sale dates.
So, Thursday night, I stayed a little bit late and went through each and every file (that’s more than 200, folks). I noted 27 files with foreclosure dates scheduled for August. 27 files (not to be confused with Katherine Heigl’s movie entitled 27 Dresses)!
While each and every real estate market in the United States is different, for San Diego County (and especially for my office), this appears to be a significant increase in scheduled foreclosure sale dates over previous months.
A few weeks ago, I wrote a great blog post that explains how to determine whether a foreclosure sale date is in the works for one of your listings. If you are facing some auction dates on your own listings or want to be more familiar with this matter, you may want to read that post. It is also important to note that these sale dates are often postponed in order to entertain the short sale offer that is already at the bank. In order to attempt to do that, you need to maintain extremely good records and be extremely tenacious and patient in working with the lien holder in order to postpone the sale.
For those of you who work short sales in other parts if the United States, I’m curious as to whether you are observing these same trends or whether I’ve just had a huge stroke of bad luck.
It’ll be interesting to see how many of these 27 foreclosure sales actually occur. If you follow my blog, I am going to keep good notes and I will report that back to you at the end of the month.
Happy Negotiating!
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Melissa,
Here in Massachusetts I am seeing the same thing.
Foreclosure dates are piling up more quickly than they have been.
Lenders also seem to be less willing to postpone them.
I am fighting harder than ever to get a few lenders to acknowledge the offers they have in hand and delay the auction date.
I am anxious to hear other people’s thoughts from different areas.
Melissa having the same problem going on here in Knoxville, TN. I have a short sale right now Freddie owns the loan. We have been working a short sale for 3 months and they won’t stop the sale which is tomorrow. I’m going to the auction tomorrow to see how much less it sells for than we currently have an offer for on the home.
Rick: Freddie seems to be the toughest. Some of the decisions that are made do not make sense from the consumer perspective. I’m thinking that you agree. It’ll be interesting to see if your property sells at auction or reverts back to the first lien holder.
Melissa,
The first lien holder ended up buying it back for $180,600. My offer was for $181,100 on the home. We did have a second to deal with which was going to settle for about $1500.00.
Why Freddie wouldn’t work with us doesn’t make any sense to me
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