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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I just looked on RealtyTrac and it now says the property has been removed for sale. The date was 1/4/2013. I have a bad feeling that means trouble since I have not gotten any news from my agent. Anyone have any insight to this?
Thanks,
Pam
Look at the county clerks website for any action on the foreclosure. You can do that now and not sweat. Search county clerk for X county and then start plugging in names. If you dont know plug the address into the tax collectors. Im confused witrh your removed for sale reference
Already did that and there is nothing there!
Thanks!
Pam
Do you have the owners name?
Go to the county clerks website and enter the name in the records check
Find the court dockets by date
Locate the mortgages and then look for a foreclosure action
Click on and read it
Can you do that?
Is there a foreclosure action? What was the last entry? Are you sure you can find it?
Nothing, just says off market and the address. Last entry says removed for sale. This has certainly been an adventure in fortitude but can't say I was not warned. Actually, it will be a relief to know, one way or the other.
Wayne how about dumbing that down a bit?
What are the advantages/disadvantages of a public sale over a short sale or vice versa?
Can you give us some insight as to who eats the loss?
Is there an industry standard of %s?
Thanks
I'm sorry, but I still don't understand how PMI insurance affects a short sale. Wouldn't the PMI insurance pay the lender the 20% whether the lender forcloses or short sales?
Yes they would. But you have to factor in the time value of money. They can pay out today or pay out way down the road after the property is foreclosed on.
Why do you think that was done?
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