Hey Dan ,

I am not repo or real estate expert by no means , but my Father has a contract on a house in Port Charlotte that is a "short sale" repo with more than one party involved & it is taking a good while to close..

There is no way it takes that long for a bank to make a decision. They are hoping for a higher offer or don't have the qbility to sell it yet. Every day they wait the interest clock is ticking and its a depreciating asset, very quickly in todays market.

do some research and see who holds the lien and talk directly to them if you want to get this deal closed.

Ah yes....Reward and profit from others misery and loss.....what a great country we live in!

As someone who works in bankruptcy I'd have to disagree. Lots of stuff that goes on. 1st you make a motion to sell the property, which can be held up by objections from various creditors. It can be 1-3 months before there is even a hearing regarding the sale. The hearing can be extended to a later time and if its long enough there could be a continuance on the hearing. Then the sale might not even be approved.

If I was you I'd tell the broker to quit giving you the run around. Tell him you need to know whats going on in the case/repo. With that kind of money being spent I would engage your own lawyer to give you updates on the sale. Its all online and real-time. All you need is a case number and which court its located in. Takes about 5 minutes. If the sale is approved I would also have the lawyer do a quick review and assure that the boat is free of all liens.

Hey Dan,

One of those white delivery trucks just droped off a package here at the shop...:cool: Thanks again & talk to you soon.

You are welcome. You'll love it, it is the nicest stuff ever to work with.
Dan

what you say is true, and that would fall under my statement that they don't have the ability to sell it yet. but i'm assuming that since its listed for sale all that bs has been done. Why list it if you don't have relief to sell it?

done proper the court wouldn't be involved after the trustee abondons it, but if there are multiple claims on the asset or if there were equity and the trustee is selling it then I could see the delays.

but my understanding was the boat was for sale by a broker, if it's still tied up in bk court then it aint ready tobe for sale

Here are a few pics to keep spirits UP!!

Awesome rig!!!

One more.............

Good luck with the purchase:evilb:

Good point. Sometimes a buyer's offer can help shotgun these slow processes. Sometimes a buyer's offer can help establish a true market value, which can also lead to more litigation. They probobly had no idea it would sell so fast and figured by the time someone was ready to buy they'd have all their ducks in a row.

D Adams - if you do get a case number and court I may be able to tell you whats going on. Usually all kinds of drama thats fun to read. I'd have to double check whether or not that is actually legal for me to snoop around other cases that I'm not approved to work on........but I think its all public info.