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We put an offer out for a property that is on Short sale for about two months ago. Recently the seller's bank did two consecutive BPOs ( 1 week apart) and just received an update from the sellers agent that the property is currently being filed under a foreclosure status. The seller had also indicated that the foreclosure status would be dismissed when the short sale closes long before the sheriff's sale date. It appears to be a complex situation and I was wondering if someone could shed some light on this scenario. Is this worth waiting and if yes, how long is the normal wait for getting this closed? What do we have to do for making sure we get a clean title ? Thank you
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Without a doubt the Short Sale / Foreclosure process is a stressful one, and as mentioned before in one of the other posts there are many stages. Technically once you are in default the banks "foreclosure" process starts, which sometimes can be a lengthy one. Having said that, Lenders and Banks are also starting to fine tune their process down, which means that what used to take approx 6 months to get through a while ago, now can take much much less.Make sure to get connected with a CDPE, a Certified Distress Property Expert for more details.Normally a title search is done very early in the process, so you should have the information on if you have a clear, clean title. Keep an open line of communication with your agent, they should be able to answer any questions you might haveBest of Luck!
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