The words positive and foreclosure don’t usually go together, but we have a positive foreclosure experience to share with you today! In 20 years selling real estate, this is first time I’ve gotten to save someone from the dreaded Foreclosure, pretty much at the last minute.
It started just before this past Christmas. The seller, Fran, got my information from friends of hers who know I’m a real estate broker. She informed me that the Notice of Foreclosure was already on her door as we spoke. Now in real estate, time is always of the essence, but in a situation like this you really don’t have a moment to spare. We discussed what she needed to do in order to get the house ready for showings. We met on Friday December 28th to sign the listing agreement and the following Tuesday, January 1st it was on the market.
Here’s what we had facing us: the notice of foreclosure hearing at the clerk of court office was scheduled for January 8th. The final foreclosure date was scheduled for February 5th. In order to have a chance at a sale before Fran defaulted into Foreclosure, we needed to have a signed offer BEFORE the notice of hearing with the clerk of court. Fortunately this property is in Mebane where the market is still booming and inventory is low. We were bombarded with showings and thankfully the offers flew in.
The day arrived for the notice of foreclosure hearing. The attorney handling the case was shocked when we showed up with the winning offer, giving us plenty of room to make the payoff and for Fran to walk away from the closing table with money in her pocket instead of an ominous future of damaged credit from Foreclosure. The clerk of court pushed the foreclosure date out by 60 days giving us time to get through due diligence and close the transaction with the buyer.
We closed today, February 4th, 28 days after the Offer to Purchase was signed. I learned a great deal about the whole foreclosure process, who is involved and the ins and outs of what needs to be done to save a home owner from defaulting on their home loan. I love when things like this happen because it just reaffirms that nothing is impossible!