A heads up to realtors
Im a buyer looking at a Shortsale in Florida. Have a signed contract. I do my own research for reasons that will be obvious.
The property Im trying to buy has a Short Sale addendum. By chance I learned the property was in foreclosure and listed for public sale very shortly. Very shortly. The order is on file at the court house.The title company performing the paperwork forwarded the short sale packet for short sale approval apparently unaware of the foreclosure order.
Neither realtor knew. The sellers had been served with the foreclosure. The banks attorney says they stop the public sale once they are notified of the short sale by the bank, their client but had not been so advised.
I think I caught it in time. I hope this saves someone else some unexpected diappointment and embarrassment..
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Bill - Good for you! The title company should have done a title search. However, if the foreclosure sale date came after the search, they would not have known. Sellers are notified when there is a sale date. They should have informed their agent and attorney.
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Permalink Reply by Bill Sloss on
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Wendy thank you and your gang for setting up this site its very helpful to many people. Now how did I know you were going to say that? lol. The sellers were served and knew. The orders recorded. Its obvious they didnt search the title and at this point in the sale I wouldnt expect them to have done so. Did the seller misunderstand? Not tell their realtor? Dont know. We're talking a few days before the sale and both realtors didnt know it this morning. I feel bad for anyone who might get caught up in the same situation. Wendy if I wouldnt have caught it it would have gone to sale without anyone knowing in a few days. I temper my expectations but some very nice people could get disappointed elsewhere in the same situation. I wouldnt want to see that happen to someone with high expectations and their dream home. Not that anyone would ever be mad at a realtor lol.
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As a Realtor, on either side of the deal, it is crazy, and negligent, not to do basic reasearch and determine number/type of liens, identity and experience of negotiator, and status of foreclosure, before submitting a contract. Anything short of that is just clueless.
Kudos to you Bill, you're more on the ball than your Realtor. The summary judgement date, seeting the sale date, was at least 45-60 days prior to sale date. The listing Realtor/title co. probablt knew, and needed a contract to get the sale date extended. If they didn't know, they are incompetent.
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Thanks Wayne. I agree completely. My issue is the attorney of record wasnt aware so I was under the impression nothing was being done. It is my understanding they need five days to get it done and right now the sale is set for the 29th. It is also my understanding the sellers agent didnt know mine sure didnt but you guys have enough to worry about. I caught it and hopefully no one will get burnt in the future. Thanks again.
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It's tricky sometimes when you're trying to get a sale date extended, at the last second. Which county, I usuall deal with Palm Beach, Broward.
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Pasco. Its an order and as you probably know the only way to get it lifted is a filing by the plaintiffs counsel.
Im being told the extension cant be done until 5 days before the sale according to the plaintiffs procedures based on some documentation the seller needs to submits. I not sure I believe that story.
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I don't know about Pasco, but we generally have to go in with a motion, over the objection of plaintiff's counsel. The closer to the sale date, the tougher for us.
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I agree. I wouldnt even think a defendant's motion would have much effect if disputed but that would be a guess. Id think theyd have a loose agreement or some understanding in place when it was listed with what was on the table especially with an Order in place and sale date. The contract is a couple weeks old but it takes money to file a motion by defendants counsel, money they might not have. Its a strange thing you have a buyer and they dont want to cooperate.
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When a seller comes in at the eleventh hour, with a short sale offer, it's often considered just a stall tactic, and not taken very seriously.
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Offered a cash deal and a quick closing cant make it much easier as far as being serious. Im sure there are incentives to get it done and the end of the year is quickly approaching.
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