Hello,
This will definitely take time but sometimes the owner's have not been told that in the long run a short sale and negotiations with the individual banks on their other debts ie credit cards, comes out better than bankruptcy. We recently had a client in the same circumstances and our lawyer was able to pull the house out of bankruptcy and we sold that on a short sale and then they negotiated all of their credit card debt for 10 cents on the dollar. No bankruptcy on their credit report! If this client has a lawyer involved which it sounds like it, it really is up to them on how they handle the deal.

Good luck!
Merilee L. Getty
Gulfcoast Foreclosure Solutions

mgetty.gfs@gmal.com
239-738-2247

TIme, Time, Time. If the Seller is willing, If their Attorney agrees. If they can get the property out and away from the Bankruptcy Court. Many if's, and the bottom line is time.

I have been on both sides of this situation with buyers and sellers. The seller is desperate. They can't wait the process through. Their Attorney advises them to just declare bankruptcy as an easy way out.

You really have to have a seller who is committed to not letting the property go to foreclosure, which will happen. Now not only do they have a bankruptcy, but they have foreclosure as well! I am not sure that that is the best decision. Maybe their other debts are weighing them down, and they need to make a move now. Also the property may be more encumbered by debts other than just mortagages. It can be very complicated.

It is a very individual decision.

For a buyer, short sales are always a risk to not close. I am seeing many more go through now than before, but there is no guarantee. I try to get my buyer to choose a few properties that they like, and work on all at once. The problem that we have now is that there are so many buyers here now, that there can be 5 + people bidding on the same property. What a change from one year ago.

If you have 3-6 months more to wait, and you want to wait, you can, but that goes back to the ifs. So you will have to see if your agent can help determine the commitment level of the seller to selling through the short sale process.

I bet you are really frustrated! Trust that you will either be able to purchase this property, or another better one will come along. Florida is all about Real Estate, and people are always buying and selling. The best one may still be out there!

If I can be of help, please contact me at Gulf Access Realty LLC!

Neal,

I'm SO sorry! The seller's timing couldn't have been worse. This happened to a long time client (3yrs) of mine in MIchigan recently. He had lease optioned the home for over 2 years. Due to market conditions, the property was no longer worth the agreed upon price so a short sale was in order. We had been working on the short sale process for almost 4 months when they received a notification that the home was included in a bankruptcy. The attorney for the lender (home was in pre-foreclosure at that point) stated that no short sale would be possible because of the bankruptcy. The lender's attorney did state that if the seller's attorney would sign a release of some sort to communicate it could be worked out. Upon discussing that with the seller, I was told that his attorney would in no way, shape or form allow him to sign anything to that effect nor would his attorney. This all happened 2 months ago.

Hopefully your agent can work things out between the seller, seller's attorney and lender to complete the short sale.

Best of luck,

Danielle Sharp