Home Buying in Lake Park>Question Details

d_ausra, Home Buyer in Lake Park, FL

Please, someone explain what does it mean Lis penders and short sale. Heard that short sale can take about up to 6-12 month?

Asked by d_ausra, Lake Park, FL Fri Apr 19, 2013

I am looking for house to by in Florida but don't live there yet and all these terms are so difficult for me. Maybe can expalin how is everything goes with forclosure homes. Many many thanks!

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D,

A Lis Pendens is the first step in the foreclosure process and it is public notification that the borrower is 90 days or longer in arrears with their payments. I have homes where Lis Pendens were filled years ago and still not foreclosed upon so they can have that status for a long, long time. Most short sales will have had a Lis Pendens filed and the process can take many months and be painful but does not have to be.

The key is a strong selling agent or at least an agent who has aligned themselves with a negotiator who will move the file. Without that you are probably in for a long period of frustration. The market is very strong with pricing pressure continuing to the upside and many of your best opportunities are new listings of traditional sales with a motivated seller who has taken care of their property. These listings if well priced will sell within days if not hours so you have to have a plan of attack to be successful.

Whether you are looking solely in Lake Park or just your perfect home in the Florida sun you are best suited to be working with a Realtor® who is looking out for your best interests in this constantly changing market. A very clear description of your specific requirements is the best place to start and if I can be of service to you and your family I would appreciate the opportunity to be one of the buyers agents you may choose to interview. We cover all of Palm Beach and Martin Counties and are experts in finding our clients that "needle in the haystack.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Fri Apr 19, 2013
Lis Pendens = "Suit Pending". Basically there is some kind of lawsuit filed against the property. They serve as a "cloud" on the title.

Short Sale = Owner is attempting to sell the property for less than what they owe. The lender will have to approve the purchase price and terms. Length totally depends on the lender. Some can be quick (60-90 days), some can take 6-12 months. There's no guarantee.

REO = Bank-owned property. So they have been foreclosed on. You are dealing directly with the bank who has taken the property back from the owner. These can be a lot faster than a Short Sale.

If you are in Lake Park, I'm in North Palm Beach and would be happy to help. If you are looking at these types of properties, you should really have an agent. There is a lot to understand and more paperwork involved.

Cristyle Egitto
561.635.9497 | http://www.PalmBeachPerfection.com

Good luck!!
0 votes Thank Flag Link Fri Apr 19, 2013
Many people have told me this blog made it easy to understand, click on the link to read it:
http://www.trulia.com/blog/antonio_vega-pacheco/2009/12/fore…
Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Fri Apr 19, 2013
Lis Pendens is a legal notification that litigation is pending. It is filed when a home owner has fallen behind in their mortgage payments and the bank is notifying the courts and the public that, if the situation is not remedied, they intend to begin a foreclosure action.

A short sale occurs when a homeowner needs to sell their home but they owe the bank more than the home is currently worth. Basically they ask the bank to take less than what is owed on the home in satisfaction for the loan. A short sale adds a layer of negotiation to the purchase because, in addition to the typical negotiations with the owner, the buyer now also has to negotiate with the bank. The bank is going to order an appraisal and then negotiate the best price they can get under the circumstances and considering the condition of the home in order to minimize their loss.

It is true they can take a very long time. At a minimum three to four months versus two for an ordinary purchase. But, yes, I have seen them take six to twelve months and there is no guarantee the bank will accept your offer. I just had one fall apart after six months because, in my opinion, the bank was demanding more than the home was worth. We finally got the bank to agree to a new appraisal, but the buyer got tired of waiting and walked away.
0 votes Thank Flag Link Fri Apr 19, 2013
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