Will Ocwen take it to foreclosure if we don't close by,,,,,

I am a short sale buyer. Thanks for everyone who helped with my earlier question: http://shortsalesuperstars.com/forum/topics/buying-short-sale-negot...

I got the notice late Friday that Ocwen has approved a discount payoff agreement. At the price I offered (no increase, which was my big worry). Woo hoo!

They say the expiration date is May 23. They have all this blah blah about no postponement of the foreclosure date. However, this is a short sale and I thought the owner was making their payments and I can't find this address on realtytrac or my county's website. I don't think this house is anywhere close to foreclosure (doesn't it take 90 days). So my question is, is this date more flexible since there is no foreclosure?

My lease goes until late August and I'm travelling in June so I would rather close later than sooner. We already did home inspection, and my lender is ordering the survey and appraisal. I gathered all my financial information and my credit and assets are stellar so I expect my lender to be able to approve fast. I've still got to decide if I want to ask for $5,000 off based on home inspection or let it ride (topic of my previous thread) since I can see that houses are not moving and prices are falling.

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The vast majority of people short selling their are Not current on their payments, and are in foreclosure.  Your agent should know the status of any foreclosure proceedings.  More importantly, regardless of any foreclosure issues, you may or may not get an extension for the approval/closing date.  You won't get an extension until July.

Edited:  I just noticed, it looks like you're talking about a property in Broward.  If so, it's very simple to check foreclosure status online.  If your agent can't help you, send me a private message and I'll look it up for you.

Wayne, I have sent you a friend request so I can send you the address if you can look it up on Broward. I couldn't find the page on Broward's website to look it up, which is why I tried in realtytrac. 

I did a property record search and determined the Parcel ID#. Then I did a search on the CET site and it turns up zero rows. My real estate agent is telling me it is in the court system which is why I'm not sure if I'm looking at the right place. 

Rudy, did you see your in box?

If there is an active foreclosure sale date past the good through date of the Approval Ocwen will be very hesitant to postpone the sale, how ever its very possible. I don't see them extending Short Sale Approval until August though. You should have your agent find out if and when a Notice Of Default was filed, in CA 90 days after the Notice is filed on the 91st day they can hit you with a foreclosure sale date 21 days out. Your should close as soon as possible and avoid delaying the closing, you wouldn't want to lose the home after making it this far.

www.borrowervslender.com/

After seeing what Wayne sent me, we will move to close as as soon as possible, which from what my lender is telling me, will me about the time it is due.

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