I do lots of preparation when I list a home, but when someone calls me saying they are in trouble and behind on their payments, I always ask what is the date of the foreclosure. Usually I get the answer of they haven’t given us a date yet or not for another 4 or 5 months, we just got the first notice.
Well, yesterday I got a call that gave me the first answer, they haven’t given us a date yet and we haven’t received a foreclosure letter in a month or two. Great, this is one I can save… Or so I thought. Upon getting home I ordered the deed and other corresponding paperwork that I was going to need from the seller to get this short sale going.
But, upon getting the title back, I was in for a surprise. The owner I was talking to wasn’t actually the owner. From the transaction history on the title, he was once the owner but it seems the house had actually been foreclosed on back in March.
How could someone not know they had been foreclosed on? There were actually more questions that answers on this one and having to call the seller to cancel my listing appointment was a little disappointing as I always enjoy getting more listings.
But, in the end I had to call the seller and tell them “I would love to sell your home, but the problem is that you are not the owner, you were already foreclosed on. If you are in a situation where you are behind on your payments, please give me a call, I have numbers for loan modifications companies and if you should need to sell, I can certainly help you with that.
Todd Clark (Principal Broker)