Roseville, Rocklin, Lincoln, Loomis, Granite Bay - Placer County, California - Real Estate Blog - Souza Realty

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Home Is STILL Listed As "Short Contingent" But The Bank Foreclosed 26 Days Ago!

Home Is STILL Listed As "Short Contingent"...But The Bank Foreclosed 26 Days Ago!

Do you ever see a home listed as a short sale that's priced significantly under market value that seems too good to be true? I just noticed a listing in Villemont, a gated community in Roseville, CA where I also have a home for sale (not a short sale or bank owned). These "unapproved" short sale listings do nothing but bring the neighborhood comps down under a false pretense.

  • If a home listed as a short sale does NOT have bank approval AND it's listed way under market value AND it already has a notice of trustee sale...it's NOT very likely that the home can be purchased for its asking price.

For example, there is a short sale currently listed on the MLS as "active contingent" in the gated community of Villemont in Roseville, CA. This home has been contingent since July 30, 2010...but the bank foreclosed and took it back on July 29, 2010! Below is a screenshot showing that this property became an REO (Bank Owned) on 7/29/10:

42 Villa Gardens Ct, Roseville, CA 95678 (REO / Bank Owned on July 29, 2010)

Below is a screenshot showing that the property status changed to "Active Short Contingent" on 7/30/10:

42 Villa Gardens Ct, Roseville, CA 95678 (MLS # 10047977)

SHORT SALE TIMELINE FOR 42 VILLA GARDENS COURT, ROSEVILLE, CA 95678:

  1. Notice of default on 9/14/2009
  2. Notice of trustee sale on 6/8/2010
  3. Listed on the MLS as a short sale on 6/28/2010
  4. Foreclosed and bank-owned on 7/29/2010
  5. MLS status changed to "contingent" on 7/30/2010

 

How awful for the buyer of this home and the buyer's agent...they're probably still waiting to see if the bank "approves" their short sale offer! Hopefully, the listing agent will notify them when he receives notification that his listing is no longer valid and should be withdrawn. Maybe this buyer will be interested in my listing...and it's NOT a short sale!

 

http://Villemont.WillSellQuick.com

 

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BOB & LEILANI SOUZA
Real Estate Investment Specialists
Southwest Placer County, CA

Souza Realty, Bob & Leilani Souza - Real Estate Investment Specialists in Southwest Placer County, CA

Bob Souza - 925.513.3400 - bob@souzarealty.com

Leilani Souza - 916.408.5500 - leilani@souzarealty.com

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5 comments • Bob & Leilani Souza (Placer County, CA) Foreclosures, Trustee Sales, Lots & Land • August 24 2010 11:17PM