OfflineMy sister and I tried to buy two foreclosures in Broward County, but each time the bank left the paperwork on their desk for months and wouldn't approve the deal even though the ad was in the real estate listings and the owners were willing. After waiting for most of a year the second deal fell through and I am wondering if anyone knows what is going on! This was in late 2010, and my sister has abandoned ship, frustrated. Has anyone experienced this in Florida! Thank you!
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What you're experiencing is about normal for FL banks. They are not in a hurry to action as in other states.
In NOV at our St. Lucie county REIA meeting, the leader informed us that the current foreclosure length from lis pendens to owner removal was 400+ days in the county. It wouldn't surprise me if Broward county (where I moved from 4 years ago) isn't close to that as well. You have to be patient and expect long delays. (BTW: Short sales are taking about 6-8 months to complete as well. I even read a recent article which mentioned a short sale in Ft. Lauderdale, {which is in Broward county} that has been going on for 3 years.)
Hope this helps... (or at least eases the pain)
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
I finally got back to the DG web site and saw your reply! Thank you very much for responding! I guess trying to work remotely with someone can result in being "disconnected." By that I mean I should have said "Brevard" county rather than Broward. But your answer covered my question. My sister is in Brevard county and I will be visiting her soon. Tomorrow I am going to Deans event in Riveside County here in Southern California. Best of luck to you, Andy, and keep catching those big ones!
Best regards,
Henry
Andy is correct, short sales here in Florida are taking anywhere from 3 to 9 months unless pre-approved. Your best bet is to look at REOs (bank owned
properties). You will get a response to an offer usually within 2 to 4 days because the banks want to sell & get them off their books.
Henry,
even though you state that the properties are foreclosures, I think you mean pre-forclosures and the owner is willing to short sale...
I tried to buy a short sale for a year, and it wasn't the bank that wouldn't approve it, it was freddie mac! after going back and forth for months, they denied the short sale, and guess what? the property is now sitting empty getting vandalized! go figure!
Valerie
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Thanks gceriani and Valerie!
I appreciate the advice. They do sound like preforeclosures. I will check out reo's.
I too believe in angels, and the points they have earned from me are countless!
Henry