Legal Question in Real Estate Law in Florida

Re: Ability to sell house during foreclosure

Yes, but time is of the essence! Be sure you notify the title company about the upcoming foreclosure. Also, in AZ, you have until 5:00 p.m. the day before the foreclosure to bring your loan current.

Re: Ability to sell house during foreclosure

Legally, you have no impediment as a result of a foreclosure being filed. From a practical matter, you may face some problems, however.

You will need to get estoppel (payoff) information from the foreclosure attorneys who are notoriously slow in providing information and the amount can and will change daily. A request for information must be requested as soon as possible so that there is enough time to get it prior to the closing.

Also, many Buyers are aware of the foreclosure status of the property and will try to buy the property at a below market price. Many realtors may be less motivated to market the property with the fear that any deal they make might never close.

I strongly suggest that you retain an attorney to represent you in the closing who is knowledgable of both real estate closings and the foreclosure process. Do not rely on a title company which does not possess the requisite knowledge.

Scott R. Jay, Esq.