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 - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
Fax: (503)622-8739
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©2010 Todd Clark - Todd, please come list my home. I would love to, but you don’t own it!
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
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I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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WOW strange call Todd. Wonder how the owner would have completely miss out on the entire foreclosure procedure.
Todd, thanks for a thought provoking post, further reinforcing our never assume anything mindset.
Amazing! I once had a tenant try to sell the home he was renting! God thing I ran a property profile from the title company before i went on the appointment!
This is just weird or else your prospective seller has Alzheimer's and forgot it was already foreclosed on!
Todd, now that is something that I'd have a little trouble forgetting! Yikes!
Todd, in this day and age in real estate it's getting that nothing surprises me anymore!! But this is one for the books. Wishing him all the best ~ I guess!!??
Hello Todd ~
Great post as usual! Wow I have to agree with Shirley on this one!
Thanks for sharing,
Adam
Todd,
Interesting that you run title first. I check out tax records prior to a listing appointment. One recently came back with a very different name. The good news is that the name was her official maiden name and the first name she went by was different than her full name. So, it was their home, but did get me wondering there for a little bit!
You never know!
All the best, Michelle
Hi Todd... I have actually seen this scenario, and the occupants had been living in the house for almost 6 months with no idea that they didn't own the property and had received no notice to vacate!
what an incredible story.....in 32 years, I've never heard a story like that....
I've heard of this happening before, it is truly incredible that the home owner (or ex-owner) is not aware that they have been foreclosed on.
Todd - I can't say I'm surprised, but this is the first I've heard of this happening. I wonder how long it would take this "seller" to find out the home is no longer his if you didn't tell him.
Todd -
Then there's the one that we thought was going to auction - but it didn't because the servicer rescinded the NOD a few weeks before.....in error. So now we're back on the market, expecting a second NOD any day.
That the (now) tenants have received no notice to vacate just shows, once again, that the banks don't know what the heck they are doing.
Wow! I guess the bank was so far behind and understaffed they just have not bothered to evict the owners yet.
Marcy
This was one of those heartbreaking ones when I had to make that call to them. But, at least they weren't paying their mortgage with the expectation of getting a loan modification, but rather they had stopped paying and weren't losing anything but their home and they were already expecting that.
