Why would the bank choose to send a Short Sale listing with an offer to the foreclosure auction?
Please help me with this question. I have a seller who has had mutual acceptance on an offer since May 5th of this year. I won't say what bank, but for those of you who do short sales you can probably guess who it is. We have had the offer just steps away from being assigned to a negotiator then for some reason that negotiator is no longer with the bank, or they don't know what happened to the file, or they just have no answer for you at all.
One of the things the bank has said is that they can't afford to hire anybody else to help with the short sale department because they are not making any money on the loan.
But if the market is moving down and the old saying "Time is Money" is true, then wouldn't it behoove them to close quicker in the interest of saving money? I'm not sure of the logistics, but from what I understand doesn't a bank write off less with a short sale than a foreclosure?
I have heard reason from other sources, but I want to hear what reason you. I don't care if it is opion or fact.
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