Quote:
Originally Posted by Momma_bear
With all the publicity about real estate in FL you would think that it would be easy for a cash buyer to find a place in FL. We live in the Fort Lauderdale suburbs and my MIL is interested in purchasing a condo in a senior community to use in the winter. She has cash for this purchase so financing is not an issue.
So far we have had accepted offers on two different places and both have fallen through. One was a short sale and after 3 months of hearing nothing despite her agent contacting the bank weekly, she withdrew her offer and found another place. No problem right? There are TONS of places on market.
The second place was a foreclosure that was owned by Fannie Mae. The title search revealed such a clouded title that the attorney told her to throw in the towel and find another place.
There is really no rush for my MIL to find another place. We have a big house where she can stay (we all get along-THANK GOODNESS) but she would like her own place. Although she loves to spend time with my kids I am sure she would like a condo with a quiet pool full of calm, older folks as opposed to the water basketball court full of teenaged boys that my pool becomes!
Are any of your buyers finding similar issues in your local markets? I don't think the market will really and truly recover until the vast majority of properties listed for sale can actually be closed.
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Don't feel like the step-child. Although it's tempting to tell you, nope. no problems here, it couldn't be further than the truth. We are seeing so many places deals are getting tripped up, you just have to wonder how we've been able to earn an income over the past 20 years. Some of the **different** things that have happened:
Between the title search and recording a lien was slapped on title. Settlement voided.
Underwriter asks for cancelled checks on the $439 payment coming out of the borrower's account each month......turns out it's a timeshare not on the application.
Well over chlorinated. The tech was off on his decimals and put in 100x what was needed, they're still flushing the well.
If it weren't so late, I'd rattle off lot more. It's definitely challenging.
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