Legal Question in Real Estate Law in Florida

A property owner, including a bank, does not have to sell a property to you, unless and until the owner signs a legally binding contract with you. The bank is free to "get rid" of your offer all together, providing it is not discriminating against you for some reason that has protected status.

You were told to stay away from short sales because they can test the patience of Job. It's true that banks and 2nd mortgage holders "string along" a buyer, and then raise the ante just about the time that the buyer is expecting to close. It is possible that 2nd mortgage holders are actually selling the defaulted loans, and the new lien-holder determines that it's possible to squeeze the waiting buyer(s) for more money. One agent told me that the (new) 2nd lien holder actually demanded the buyer's financial information (including FICO and SS number) and after determining that the buyer could afford a little more, raised the stakes accordingly, at the last minute, but prior to having a signed transaction.

If you are looking for a "deal" it may not be a foreclosure or short sale transaction, unless you have a lot of time between now and the time that you actually buy a property. You may have to kiss an awful lot of toads before you find the prince.

These transactions are fraught with problems that can come back later to bite a buyer when they least expect it. Before you close on one, you would be smart to have a real estate attorney review all of the documents.