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May 24th, 2011 7:46 AM by David W. Welch
The wave of foreclosures have slowed to a trickle here in Orlando with all the banks and the court system moving more slowly. Even at the current pace, the big banks are finding ways to screw things up. Customers of mine are purchasing a property that is in short sale with Wells Fargo. The short sale has been approved, and we are scheduled to close June 2nd. The seller's lender actually processed the short sale relatively efficiently, and everything was working out pretty well.
Then my buyers were on Trulia checking out the area getting excited about moving into their new home. They spotted a home going into foreclosure on the same street. They looked a little closer and realized it was the home they are purchasing. I received an e-mail Saturday from them, and figured I better check this out. When I did a quick public record search with the clerk of courts, I found that there is a sale date for this home Thursday May 26th a week before our closing. I immediately contacted the title agency and the listing agent, and they jumped on this issue with the seller's lender. I left a message with the judge's assistant, and the seller went to the courthouse to file a motion to stop the foreclosure sale so we can close next week.
The listing agent had been told the foreclosure proceeding had been stopped since we were working on the short sale. The sellers say they have not received the necessary notices about the foreclosure sale. The title company said the filing was not there when they ran their title search. So, if you are wondering why there are so few foreclosures coming on the market, this should give you some idea.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone