SFR down 25% in La Jolla from 2003 to now: 1415 Cottontail Ln

[Eugene]

[quote=SD Realtor]It could have happened that way Eugene and I have seen that happen before. If the loss mitigation dept does not keep reminding the legal dept to postpone then oops… bye bye property…

However in this case given the length of time it was taken off the market, I believe that the short sale just did not work because whatever was offered was not high enough.

Just a guess though. My bet is that we do not see this one get rescinded. [/quote]

It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?

It does not look like it’s been rescinded YET, and it’s been two weeks already … so you may be right.

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

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