Foreclosure vs. Short Sale
Always keep in mind that a Short Sale Attempt DOES NOT STOP THE FORECLOSURE PROCESS. The foreclosure process is handled by the attorneys hired by the bank and has a definitive starting point called the Lis Pendens and a definitive ending point with a Bank Auction at the Courthouse steps. 90% of all properties that end up at auction go back to the bank because the bank is bidding on thier own property and they are trying to collect as much as they can on this bad asset. It is important to know how much time is left in the Foreclosure process when attempting a short sale. We have saved people with in the hour of going to auction due to finding a buyer willing to make a reasonable offer. You never, ever want to go into foreclosure! So, One hand doesn’t know what the other is doing in most cases with the banks and thier attorneys. The attorneys are just doing thier job and will if they don’t hear from the bank regarding the status of selling the property. More to come on this subject!