REOPro - Real Estate Default Professionals

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How many Trustee Sale date postponements are usually allowed? How about 7!

I just completed a long sale, usually called a short sale (LOL) , as a listing agent that truly amazed me. I grew from hating the 1st TD holder to being grateful to them because they finally got things right. This 10 month ordeal began with 9  offers, where 8 buyers walked away, 7 times the trustee sale was postponed, 6 times the file was escalated, 5 weeks were wasted while the HOA board of directors debated if they should re-approve the condo building to be FHA approved (even though they knew my latest offer was FHA), 4 appraisals were done, 3 termite reports needed, 2 seller negotiators worked on the file, until 1 happy & mighty grateful seller avoided foreclosure! Just about everything that go could wrong, went wrong, except in the end, when we needed one more postponement to the trustee sale-we got it! The 7th! Thank you, CALHFA!

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Comment by Billy J. Runyan on October 21, 2011 at 6:18pm

Hi,

Congrats on getting it done!  They must have believed in they were getting more $'s from the SS that what they could have got at auction.  When it comes to Trustee sales in Nevada and I believe its close to the same in CA its Notice of Default is 91 days min plus the Notice of Sale at 21 days and up to 3 more 21 day delays.  If it hasn't gone to auction at that point, they go back to Notice of Default and start all over again.  These MININUM periods are all based upon the lenders pushing it.  If the lender accepts it, they can delay the 5 stages indefinitely but most banks have detached departments and are told to push them through asap.  Again, congratulations on your perseverance!

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