Post 4 in Our 3064 Taylor Way Series Foreclosure

It’s been a while since I have posted because the real estate market has been hoppin’ the last couple of weeks!! There have been lots of transactions and deals going on in the early spring months, as is the usual trend in this time of year.

So what’s been going on at 3064 Taylor Way in Costa Mesa? We had just gone through out disclosures for the home and all of the general forms in our last post for this great little home in the South Coast Metro area. What’s left to do? We already did our inspections as I blogged about previously on Taylor Way. Not much left to do but wait. Once everyone had satisfied themselves with disclosures it is just a matter of waiting for the time to close. We already had the loan approved a few weeks back, so we were waiting for closing day.

So what could go wrong? Foreclosure, that’s what! Really? So I got a call from the listing agent saying he had bad news, and that he was having a really bad day. I knew what was coming. The bank decided to just go ahead with their foreclosure auction anyway, even though we had an approved short sale from the bank. Make sense? No, it makes no sense to me either.

Normally, a bank who issues a short sale approval will postpone any auction/sale dates after they issue an approval. I don’t know how long the home at Taylor Way had been in the foreclosure process, but the bank went forward with the foreclosure. This is an unfortunate situation for everyone involved.

So where does that leave my clients? Generally, the buyers are out. They would lose any money invested in the inspections of the property or any appraisals, and possibly any escrow fees for work performed, which can be considerable- in this case nearly $900. Worse, they would normally have to go back to the drawing board to find another home somewhere else in Costa Mesa.