As a real estate agent in the Phoenix market, I regularly deal with short sales - they make up approx. 50% of the homes on the market. So most of these homes are already in foreclosure, which means they have been given the foreclosure notice, giving the homeowner 3 months before the bank excludes their home.

So most of the time people call me with 1-2 months to the foreclosure date. This is generally fine, we market the property at a reasonable price - to obtain a buyer and must send the purchase contract to the homeowner's bank quickly to avoid foreclosure.

This process of ensuring that the bank has all the paperwork and follow-up is where most real estate agents fail, most real estate agents are not detailed enough to follow up. This is where we thrive. Follow-up is our main goal, there is far too much room for the bank to lose documents or generally make a mistake.

Recently, I had a home that Chase had basically forgotten. Even with our 2 weekly calls, they would give us updates, but somehow this home did not move forward in their system. So I called two days before the foreclosure date, talked to the Chase dealer who told me she would handle the case right then. I was shocked, why had it not been treated before? There was no good reason!

The day before the foreclosure, the home was still listed on the auction site. I spent the whole day talking to different people in Chase who all told me that the foreclosure would not be postponed. I then called our client and told him that even with all our efforts, the lender would exclude his home.

The day of the foreclosure, the home was still on the auction site, I called our dealer who assured me that her boss, a manager at Chase, was trying to postpone. About an hour before the screening, the screening was postponed.

The moral of my little story is that most foreclosures can be postponed if you have an offer and have been working to sell the house. Most are much easier than the above situation, but lenders prefer not to exclude if they are given a choice.

The only case where I have found that this does not apply is on condominiums. It seems that lenders believe these units are worth far more than anyone is willing to pay, so we can not secure a buyer and the apartment goes to foreclosure for more information click here

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Postponement of foreclosures - Can real estate agents postpone all foreclosures?