Legal Question in Real Estate Law in Florida
We signed a contract on a short sale 5 months ago . have not had a response. We found out the sellers have left and no one knows where they are.
The agent keeps telling us to be patient but does this mean the house has to go into a foreclosure mode by reason of abandonment?.
2 Answers from Attorneys
You need to see what your short sale addendum states in regards to your options for getting out of this contract. If the seller's have left and there is no one to sign the warranty deed at closing, you may have a problem.
If they can't find the sellers, then this could be a serious issue. I would continue to follow-up with the agents and short sale negotiator/attorney to see if the short sale was approved by the bank and if you are waiting for the sellers' approval. Review your contract to see the terms under which you can cancel. You don't want to lose your deposit. Regards,
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