Patty Manzi’s Tri-Valley Real Estate Blog

Its been just over a week since I last updated on the short sale saga.   As of my last post, January 28th was the target date for the ‘valuations’ phase to be completed.  Well that date has come and gone with no movement at all.  The only good news is that an appraiser contacted me at the end of  last week to schedule an appointment for the appraisal.  We scheduled for today at 10am.  This morning at 8:15 the appraiser called and the appointment was rescheduled for tomorrow.  According to the appraiser, the bank has a deadline of 7am on Thursday to receive the appraisal, so I am hoping it gets completed tomorrow.   This is needed to complete the ‘valuations’ phase of the process (you know, the process that was supposed to be completed by the 28th!?)

 In the meantime, my sellers have been getting bombarded with letters from other agents advertising their services to list the home.   Along with the letter comes a printout from ForeclosureRadar.com showing the Projected Sale Date on the property of less than a week away.  Of course my clients freaked out a little; the bank has never notified of a sale date.  I contacted Foreclosure Radar and was advised they pick up the information based on the Notice of Default (NOD) date.  Their system automatically enters the Projected Sale Date based on the time allowed by California Law which is approximately 120 days from the NOD date.  Other real estate companies cruise these sites looking for potential foreclosures in the hopes of swooping in a picking up a short sale before the foreclosure process is complete. 

I verified with the bank that we indeed had no sale date issued.  The negotiator assured me that the valuation phase will only take 7-10 business days then will be moved on to the negotiator (again, what happened to January 28th??).  Once this file goes to the negotiator the process moves relatively quick.  So they say……………