Question Details

carwill36, Home Buyer in Hudson, FL

Made offer on house short sale in fL just noticed on public records final judgement for foreclosure posted 1 month prior house now shows not for sale?

Asked by carwill36, Hudson, FL Sun Aug 19, 2012

Can the owner still try to do a short sale on house after the final judgement has processed on the foreclosure? Being told they are giving my offer to bank to see if they will agree to short sale still.

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Answers

7
In PERFECT situations 70% of short sale offers fail to succeed. Short sales are highly complex, labor intensive and so convoluted that even the most proficient in these transactions remain amazed at the absolute absence of logic, common sense and good faith exhibited by many of the lenders, investors, servicing companies and insurance providers. You do not provide any data regarding any previous short sale status' or if there was a previous legitimate bank approved sale accompanied with published 'accepted' purchase price. This information is crucial. Other incredibly important information is regarding what legal proceedings the owner may be currently engaged.

What you describe is a highly compromised short sale situation. Short sales are the 'Wild, Wild, West of Real Estate" where there exists an illusion of rules but anything can and does happen.

All you can do is try but, you should be prepared for almost certain disappointment after investing patience, self-control and hope.

Consult with your real estate professional in regards to your plan B if this is the ONLY home for you. In six to eighteen months this home will be available for purchase again. At that time you will need to act decisively and at the speed of light. Many, who are seeking a home to live in, opt to find another home to purchase. ANYTHING CAN HAPPEN! However, what is most likely to happen is not favorable to you owning this home through a short sale purchase.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
1 vote Thank Flag Link Sun Aug 19, 2012
Thanks for the answer the offer we made had previously been approved by the bank the other person offered a lower amount and the banks reply was for the amount we are now offering.
Flag Sun Aug 19, 2012
I agree that short sales are not a problem if you are working with someone experienced with them. I have closed short sales in as little as 3 weeks and as long as 8 months depending upon the situation, they are all different. Some agents do not like to handle them because of the wait period and buyers can also get tired of waiting, just be patient and if you are working with a Realtor that has dealt with short sales in the past they should be able to get you through the rough periods.

Best of luck to you in your home purchase!
0 votes Thank Flag Link Mon Aug 20, 2012
What part of Florida is the property located in? I disagree with others that short sales rarely close - I handle lots of short sales and I have had great success in getting them closed. Find yourself an agent that truly understands short sales and knows how to successfully get them to closing!
0 votes Thank Flag Link Sun Aug 19, 2012
Thanks everyone for you answers
0 votes Thank Flag Link Sun Aug 19, 2012
I suggest that you retain a Buyer's Agent to assist you. The home will go on the market as an REO. Your Buyer's Agent will assist you in finding the property as soon as it hits the market and submitting an offer ASAP.
0 votes Thank Flag Link Sun Aug 19, 2012
You should contact the listing agent and or the negotiator for the seller. if they went through the expense of a foreclosure, they may not want to take a loss on a short sale.
0 votes Thank Flag Link Sun Aug 19, 2012
Good answer below, anything in a short sale can happen. Until the auction that changes ownership the owner still owns it even if they are not making payments and so they can try to do anything and everything possible to save it. Sometimes they can, often they can't and then it can go to auction or it can be sold as a short sale. It's like rolling dice.
0 votes Thank Flag Link Sun Aug 19, 2012
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