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http://lansner.freedomblogging.com/2010/02/03/housewifes-short-sale-has-banks-approval/54675/
'Housewife's' short sale has bank's approval
February 3rd, 2010, 11:53 am - 48 Comments - posted by Jeff Collins
Pay no attention to that foreclosure auction on tomorrow's calendar.
That's the message from the real estate agent for Tamra Barney, one of cable TV's "Real Housewives of Orange County."
The Barneys' 5-bedroom, 5.5 bathroom Ladera home (click on photos at left) currently is scheduled to go on the auction block at noon Thursday at the Orange County Courthouse.
But Marcos Prolo of Berrington Properties, the Barneys' real estate agent, said that the "short sale" on the house announced in November is still in escrow.
In fact, he added, the bank has given the sale its approval and even lowered the sale price by $25,000.
"There isn't a (foreclosure) sale," Prolo said. "We already have bank approval."
Barney (By Jebb Harris)
Banks typically are pokey at getting postponed foreclosure auctions off the schedule, Prolo said. He expected that tomorrow's auction will get yanked from the schedule Thursday morning. Sean O'Toole, CEO of ForeclosureRadar, said that most sales get postponed these days.
Short sales require lender approval because the price being paid is less than the amount owed on the mortgage.
The Barney family bought the Ladera home in 2005 for $1.32 million, and as of December owed $1.39 million on the first loan, according to ForeclosureRadar. Apparently, there's a second loan for $72,500.
It had been listed as a "short sale" for just under $1.15 million.
Prolo couldn't reveal the sale price, other than to say that the buyers, who are renting in the area, offered more than the asking price.
After the bank reduced the sale price by $25,000, Prolo added, the home won't be selling over the $1.15 million asking price.
The escrow is scheduled to close on Feb. 26, Prolo said. The main stumbling block to closing the sale is arranging the buyers' financing.
http://lansner.freedomblogging.com/2010/02/03/housewifes-short-sale-has-banks-approval/54675/
'Housewife's' short sale has bank's approval
February 3rd, 2010, 11:53 am - 48 Comments - posted by Jeff Collins
Pay no attention to that foreclosure auction on tomorrow's calendar.
That's the message from the real estate agent for Tamra Barney, one of cable TV's "Real Housewives of Orange County."
The Barneys' 5-bedroom, 5.5 bathroom Ladera home (click on photos at left) currently is scheduled to go on the auction block at noon Thursday at the Orange County Courthouse.
But Marcos Prolo of Berrington Properties, the Barneys' real estate agent, said that the "short sale" on the house announced in November is still in escrow.
In fact, he added, the bank has given the sale its approval and even lowered the sale price by $25,000.
"There isn't a (foreclosure) sale," Prolo said. "We already have bank approval."
Barney (By Jebb Harris)
Banks typically are pokey at getting postponed foreclosure auctions off the schedule, Prolo said. He expected that tomorrow's auction will get yanked from the schedule Thursday morning. Sean O'Toole, CEO of ForeclosureRadar, said that most sales get postponed these days.
Short sales require lender approval because the price being paid is less than the amount owed on the mortgage.
The Barney family bought the Ladera home in 2005 for $1.32 million, and as of December owed $1.39 million on the first loan, according to ForeclosureRadar. Apparently, there's a second loan for $72,500.
It had been listed as a "short sale" for just under $1.15 million.
Prolo couldn't reveal the sale price, other than to say that the buyers, who are renting in the area, offered more than the asking price.
After the bank reduced the sale price by $25,000, Prolo added, the home won't be selling over the $1.15 million asking price.
The escrow is scheduled to close on Feb. 26, Prolo said. The main stumbling block to closing the sale is arranging the buyers' financing.
