this is a long story i will try to make short. we put an offer in on an approved short sale home in lighthouse point, florida, back in jan 09, after

Asked by Kathy, Lighthouse Point, FL Wed Oct 28, 2009

3months of waiting we didn't get it--we were out bid, after a month our realtor saw the property relisted, shouldn't we have been notified or our offer reconsidered? but again we put in another offer (higher than the 1st) it was accepted by the home owners and went to the bank for approval, after 6months of waiting, (our broker attempting to contact seller broker weekly--he sometimes answered. ) anyway, even thou our offer was the highest, and our down payment was 50%--we didn't get the house--doesn't this sound fishy, maybe even illegal. i question the sellers broker, i wounder if he didn't want to share commission with my broker, any thoughts? is there anything we can do, i know we will not get the house, but somethings wrong.

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Handy, Both Buyer And Seller, Lighthouse Point, FL
Sun Dec 27, 2009
I had something similar happen. The homeowner was in NJ and playing games. For some reason, HE was supposed to be forwarding the offer to the bank or he was required to sign the approval of the offer. Of course he approved the offer via the phone but didn't bother to sign or forward any paperwork, either to the bank or to the agents. It was just a big run around. He stalled the whole process enough to be able to work out another arrangement that benefited him much more. I expect that arrangement will bite him in the butt and aggravate him the way he aggravated us -- at least we can hope so!
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Cindy Barron…, Agent, Coral Springs, FL
Mon Nov 9, 2009
I ran the short sale closing numbers for Broward County a few months ago and only 1 in 10 actually sold .

I have been successful in completing short sales but they take many hours of work and much frustration in dealing with the banks.

Cindy Barron
Realtor, Green
The Keyes Company Realtors
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Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sun Nov 8, 2009
Hi Kathy,

You didn't say who the lender was, which makes a big difference. I'm sorry to hear about your experience, but the bottom line is that short sales are a giant waste of time. Only 1 in 4 ever get closed. Most of the rest will become bank owned and then get sold quickly (and usually for less). So unless you love the place and want it for your own residence, stick to bank owned properties.

Good luck, Mark
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Cindy Barron…, Agent, Coral Springs, FL
Sat Nov 7, 2009
Dear Home Buyer in Lighthouse Point,

Buying a home which is a short sale the new home buyer needs be prepared to wait many months for an answer and also be prepared the lender will not agree to the sale.

In a short sale the lender is not the legal owner of the property. The homeowners still own the property and the lender must agree to accept a mortgage payoff amount less than what is currently owed on the property.

The lender does not have to accept any payoff for less than the amount owed. They can demand the entire amount due or even go forward with foreclosure proceedings if the payments are behind.

This is a risk you take when you are trying to purchase a short sale home. I hope you close on a home soon.

Cindy Barron
The Keyes Company Realtors
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