Huge Issue in buying a foreclosure!!!!

[jsalims]

We were looking for some foreclosure houses and came up to find a house that was in a short sale and was built in 2005. We took a look at the house and then we decided to make an offer of $325,000 on June 14th, 2008, and the listing and asking price $399,000. Then on June 16th, 2008, they lowered the asking and listing price to $379,000. So on June 19th, 2008, we decided to withdrawl our offer of $325,000 and put our offer of $340,000. We did that and our offer has been withdrawn, but for accepting our new offer, a week has gone by and we still haven't heard of anything. Then, yesterday I went on the gsccca.org website, which is website of the Georgia Superior Court Clerks' Cooperative Authority, and looked up the deed for the owner and it showed on June 16th, 2008, they had an Assignment of Deed of Trust, which means now the bank has the possession of the house and now it is up for auction on July 1st, 2008. Then I looked in My Local County Newspaper's Site, and I looked in the legals section to see if that house is listed in the foreclosure listings, and then I found out it was not there. When I checked the website a couple of weeks ago, even before it has been possessed by the bank, in shocking suprise, I saw that the owner's name and the house being listed in the foreclosure listings. Normally, every foreclosure that is listed in the county newspaper and their website is the official foreclosure listing for that County. We called our broker on June 26th, 2008 to find out what is going on and he did talk to our bank, which is Wachovia Mortgage and they told him, which he told us, that they are still making the decision to accept our offer and they told him and that he and us, can't do anything for the bank to speed up our offer. I have 3 big questions here!!!?

1. If it shows in the gsccca.org (Georgia's Supreme Court Clerks' Cooperative Authority) website that the owner's bank had took possession of the house and it is shown as being auctioned on July 1st, 2008, but it is not shown in the foreclosure listings in newspaper or their site, does that mean it is still being auctioned on July 1st, 2008, because usually they show every single foreclosure in My County's newspaper or their site in the legals section.

2. IS THERE ANYTHING I CAN DO HERE ABOUT HOW TO RESOLVE THIS SITUATION!!! This is absurd that our Bank didn't tell us on the same day this situation happened that the house was being repossessed to the owner's bank and it was being sold at an auction while we had a contract with the broker and agent on the house. I'm thinking in this case it is that Moron Wachovia Bank's Fault for not informing us about the situation.

3. My dad told me that they can extend the foreclosure for about 30 more days and I want to know if that is true or not, so maybe they can auction it next month while we wait for the bank's decision. And just that you are aware, I am 18 years old and just graduated from High School and I am still living with my dad and we are both doing this together and I am moving to that house with him.

4. YOU HAVE TO ANSWER THIS IMMEDIATELY!!!! I have only TWO DAYS to do something about it. I DO NOT WANT TO WAIT 2 DAYS TO GET A RESPONSE FROM YOU GUYS, I NEED URGENT ADVICE ON WHAT I CAN DO TO SAVE A PROPERTY THAT I MADE AN OFFER ON AND SIGNED A CONTRACT WITH THE BROKER and AGENT.

[Bigtoe]

I know of situation where a bank had accepted a short sale offer and before closing went ahead and foreclosed on the property. The bank lost $225,000 by doing so. The buyer saved $225,000.

Don't expect to see anything rational come out of the bank. If I were you I would look at that website again and determine what they paid for it and figure out how much they owe on it. This will be close to the foreclosure price. If it is a better deal then let the house go to foreclosure and then get it at a better price.

[jamesww]

If you keep ahead trying to buy foreclosures you will find that the loss mitigation company handling the file and the bank asset manager for many firms do not even communicate. And it seems as though the larger the outfit the worse this scenario plays out. With only two dayd left there is nothing you can do just pray that they some how decide to extend the auction date to review your offer. And if that doesnt work out go and try to pick it up at the auction.