Short Sale Hell

I have been trying to buy a short sale in Flordia for ten months now.  I have no more idea today where we are in this process than I did in March when I made the offer.  My agent is a nice guy but all he ever tells me is there is no new information or it is moving as expected.  The seller is also an agent and it appears she is handling more of the processes but I have no contact with her.  I cannot imagine how this has taken this long and appears that it will continue to drag out even more.  I believe there is a comapnay called Short Trac involved and her mortage is with Coldwell Banker, same place she works.  Am I crazy thinking this is ridiculous or is this just to be expected.  I probably am not supposed to be on this forum but I am desperate for some advise.  Should I hire an attorney or am I just stuck in this sort sale purgatory.

Thank you,

Pam Mingo Sain

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Permalink Reply by Wayne Brooks on January 6, 2013 at 10:50am
Oh, didn't clarify....we/the seller filed the motion to extend so as to have time to do the short sale.
As far as how, PMI/loss works, where is Scribner when you need him? That's most of what I know about PMI losses...they take a loss whether it's a short sale or foreclosure. There are no set %'s for "acceptable losses". On some short sales the lender nets 15%, on others 80%. It's a case by case basis depending on the value of the house.
Permalink Reply by Bill Sloss on January 6, 2013 at 10:56am

Thanks Wayne. In the short sale who has the final say the PMI or the lender? Are they PMI active or passive? Im just curious whos in command lol. Why would the lender pull a public sale do you think?

Permalink Reply by Wayne Brooks on January 6, 2013 at 12:54pm

The PMI company must approve whatever deal the investor/lender does, since they are taking a hit.

A lender will cancel/delay a sale date to let a borrower do a short sale, do a loan mod, bankruptcy was filed, some issue with the validity of their judgement, and probably a few others.

Permalink Reply by Bill Sloss on January 6, 2013 at 1:10pm

Thank you very much. From your response it appears you feel a short sale is more desired than a public sale to a lender. Do you think thats because of public sale histories, the market or public sales are less productive?

Permalink Reply by Wayne Brooks on January 6, 2013 at 1:21pm

It depends, generally the lender does NOT want the property back at the auction.  Some will bend over backwards to delay an auction.  Some on the other hand, will say "too late, too bad" if you're a week short of getting a short sale done.  You never know...one house I was tracking here was supposedly approved for a short sale  at 279K, on the market for 8 months, couple of contracts, no closing.  Went to foreclosure auction Monday and sold for $303k.  Go figure....

Permalink Reply by Bill Sloss on January 6, 2013 at 1:36pm

Thanks for your kind replies. Id rather not have to try and figure lol. I like leaving the worrying to broad shouldered guys like you. Its a hellava way to make your living let alone buy a house. Happy New year to you. Hope its a prosperous one

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