ocr – That is the thing. The property is not pending at all. It is, was still listed as active because indeed the listing agent could still receive offers. The thing is, in this case the sellers did not want anyone else to visit because they were getting people coming over without agents. Thus they asked the agent what to do. The agent put it into pending status but in reality the property is not pending. The LA should have correctly put it into withdrawn status. That is a perfect example of withdrawn use.
Esmith – The things going on lenders doors are mythical at this point. I believe the level of either incompetence or overwhelming volume is taking a heavy toll. The experience you just spoke about also may hurt the seller in a big way if the short sale could have been accepted, a lien release granted, and the loan forgiven. However that is not the case now. Unfortunately, it appears someone in loss mitigation or the negotiator working the portfolio neglected to inform the trustee to postpone the trustee sale. I am working on an REO in Carmel Valley right now. Indeed it became an REO because the previous owner had it for sale as a short sale, they had a deal in process, and the lender did not inform the trustee of a postponement. Nobody even knew until it was to late. The home went REO, an investor bought it and now is selling it.
I spoke to the previous listing agent and she said her client, (the previous owner) was furious and is considering legal action against the lender. Not sure if he will have a case but you never know.
