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The Lender is STUPID for Not Accepting My Offer! Aren't They?
The following are true CASES from our years of processing short sales:
CASE A:  We presented Lender X with an offer of $85,000.  Lender X refused the offer, foreclosed, then listed the property for $60,000 and immediately accepted an offer of $55,000. CASE B:  We provided an offer that thrilled the first lien-holder, but the second lien-holder refused to accept $3,000.  The house foreclosed and the second lien-holder received $0.00 CASE C:  We provided an offer of $120,000 with 3% seller concessions.  The lender rejected the offer.  We presented a back-up offer of $110,000 with 1% seller concessions.  The lender accepts the second offer. What the heck is going on?  Are the lenders stupid?  Aren't they losing all of this money?
Well, yes and no.  Once you understand how the system works, you start to see why these lenders make these "crazy" decisions.
You see, most lenders we deal with (particularly those with big names like Wells Fargo or Bank of America), do not own the loan you are attempted to short.  They simply own the servicing contract.  So while the short sale spends months sorting itself out, and you feel like they are losing "thousands" of dollars.  In truth, they ... more

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