Louisville Short Sale Expert: Helping You Avoid Foreclosure

If The Foreclosure Auction Is Already Scheduled Is It Too Late To Do A Short Sale?

There is not a simple single answer, but in general, lenders do not want to own your house or take the risk of owning it. Lenders will often withdraw a house from the foreclosure auction to give it a chance to sell. Please do not wait until the last minute to hire a short sale expert Realtor. Don’t worry about the Realtor’s fee – the lender pays the Realtor’s commission.

However, it is not guaranteed that lenders will automatically postpone an auction. There are many variables:

How soon is the auction scheduled?

If the seller waits until the last few days prior to the auction it probably cannot be saved. The short sale lenders are overloaded with hundreds of thousands of short sale requests and they need some time to consider the postponement request. Two or three weeks prior to auction is usually the minimum amount of time needed and that often isn’t enough time. Contact your short sale expert Realtor as soon as you know you have a problem.

Is there a buyer?

Lenders don’t postpone auctions just because we ask them to. There has to be an offer on the table from the buyer. Depending on the situation and the competency of the Realtor it may take as little as few days to generate an offer or several months.

What type of lender?

Some lenders escalate postponement requests faster than others. Some local community banks can make extremely fast decisions.

Is the offer totally low ball?

The lender can’t approve the short in a very short time frame prior to the auction. The postponement gives them time to fully analyze the offer. The offer needs to be in the lenders general tolerance level.

Did the seller antagonize the lender in the past?

This is huge. Sometimes lenders tell us to forget about even asking for postponing the auction because the seller previously was abusive. Blatantly false promises, yelling and cursing on the phone, and other behaviors all get recorded in the lender’s notes and sometimes cause the lender to refuse help to the seller.

How quickly can the seller provide the required documentation?

Since the seller is asking the Realtor and the lender to scramble, the seller must also realize there is a multitude of processing that goes into an auction postponement. The seller has to be readily available to provide their part of the required documentation.

Was there a previous Realtor? Did the previous Realtor mishandle the short sale?

Sometimes previous handling of the short sale can lock the lender into the belief that the short sale is not feasible. It has to be handled properly, the first time! A good Realtor can offset a previously mishandeld short sale.

Does your current listing Realtor specialize in short sales? Is the listing Realtor knowledgeable, experienced and able to dedicate the time to scramble in emergency mode?

This is absolutely vital. You must have a short sale Realtor that is highly trained, has a proven track record of getting auctions postponed and successfully getting short sales to the finish line. The Realtor must have staff and resources to escalate your property into scramble mode to get the auction postponed. There are many dozens of tasks that occur behind the scenes that have to be performed harmoniously. You have too much stake. This is not for the inexperienced or the occasional short sale Realtor. Hire an expert. And hire an expert who is compassionate and cares. Check the Realtor’s testimonials and track record.

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