Over the last two weeks, I've had two different property owners from California contact me about wanting to do a short sale on their Austin Texas area investment properties. One of the sellers was actually an active real estate agent that was trying to do his own short sale negotiations without having had any previous experience. He called me on a Friday at 3pm to list his home, but the foreclosure auction was already scheduled for Tuesday morning. I work with a loss mitigator and an investment company that can usually put together an offer quickly to stop the auction, but in this case, there just wasn't enough time to get the offer in front of the right person at BofA to stop the proceedings. Needless to say, it sold at auction.

In the second case, it was a seller that was facing an IRS auction that wanted to short sell his property. He failed to mention that the IRS auction was only 3 days away and that the property had severe foundation issues. I had to find this out when I visited the property and the neighbor was kind enough to inform me about all of the issues she was aware of. I'm not really sure how much I could of done for this person with enough time anyways.

I guess what I'm trying to stress is that it seems like most people think that doing a short sale is a speedy process, but they don't realize everything that is involved with just trying to reach the asset manager or the person in charge of the file.

Visit my Austin real estate site to learn more about me and my services at http://www.romeom.com

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Comment by Vanessa Calhoun on May 28, 2010 at 9:45am
Unfortunately, I think that many distressed homeowners have the "head in the sand" mentality until the very last minute.....which normally leads to devastating consequences.
Comment by Kevin Vitali on May 17, 2010 at 1:43pm
I must say it has been a little harder these days to stop the last minute auction on a short sale. Less than 3 or 4 weeks has been tough the past several months. I am not sure what has changed as far as the banks are concerned.....

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