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
Replies to This Discussion
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Permalink Reply by Pam Mingo on
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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
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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
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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?
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Is there a foreclosure action? What was the last entry? Are you sure you can find it?
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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.
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David, you're a little bit off on how PMI works/pays the bank. This is a common misconception. PMI only covers the first 20% (actually 20% less the cash down payment), NOT the entire loss taken by the investor. And, the liability to PMI issuer is the SAME in a short sale, as in a foreclosure. Banks don't "send property to the auction so the PMI will pay off, because PMI wouldn't have to pay with a sort sale". This is why a short sale with PMI is tougher because the PMI issuer has to agree, since it is paying out for a loss by the investor
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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
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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?
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Permalink Reply by Bryant Tutas on
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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.
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Sale dates can be rescheduled either by the bank, or by filing a motion with the court. I just got a listing on 12-22 with a sale date of 01-07. Contract on 01-02, motion for extension of time on 01-04, granted a sale date extension til 04-03. But, owner had filled out/provided all paper work for Chase prior to receiving contract.
Most counties in Fl have a relatively simple on line system for determining foreclosure status/sale dates, in south Florida anyway.
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Why do you think that was done?
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