Sacramento Real Estate Views

Foreclosure Auction Postponement

A Tale Of Two Sellers

This week I was showing a home in Lincoln Crossing to one of my active buyers and came across a great  home on Sheffield that backed up to a green belt.

Well maintained, great amenities, reasonably priced for the area..seemed to have everything.

The buyer had back out and the property was scheduled for auction in Auburn last Monday.

My client was very interested in the home so I contacted the agent to find out the status of the auction.

Would they postpone the auction with an offer in hand?

In my experience, getting an auction date postponed at the last minute like that is very difficult especially when they are trying on Friday to get a postponement by Monday morning at 10am.  I didn’t think they could pull that off.

They got an offer mid day on Friday, not ours, and turned it into the lender.  I checked Reliable Posting & Publishing and they had it on the list Saturday that the auction was still scheduled for Monday.

Postponed?  Really?

Come Monday morning, I checked the site again and the property was not on the list for auction that morning.  The lender was Wells Fargo and they got a postponement at the last minute.  That’s great for the sellers.  It doesn’t always go that way.

I have a client that turned in an offer to their lender a week in advance and their lender, Chase, said that postponing the auction was impossible without 10 days notice.  The property went to auction as scheduled and was sold to the highest bidder.

So one bank gets is done in less than 24 hours and another can’t do it without 10 business days notice.  What’s the difference?

Investors

While you may be paying your mortgage to Wells Fargo, Chase or B of A, they are not, in all likelihood, the investor who owns your mortgage but just the servicer.  The investor is an entity such as Freddie Mac or Fannie Mae.  All short sales or foreclosures have to go through the investor prior to approval.

The servicer handles the preliminary negotiating, gets all the paperwork together from the seller then presents it to the investor who then makes a decision either way.

By far, Wells Fargo has been the easiest to work with in getting short sales approved and closed.  The others are just delaying the process to lengthen the time so they can mask their losses to their investors and the government is playing along presenting failed program after failed program to fake the public into believing that they are actually doing something.

The reality is that the government could have devised a program that actually worked to help homeowners that would have cost everyone less but instead gave the money to big business who are now making billions while the people who put them in office and drive the economy still struggle and will struggle with this mess for years to come.

And they did it with our money.  Crazy.  Who thought up this system?

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Tags: placer county foreclosure auction

This entry was posted on Thursday, August 19th, 2010 at 9:00 am and is filed under Foreclosure Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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