I get it that the banks are fearful that some homeowners may be trying to finagle the system. It's not that I have seen it first hand, but I know that the anger, at least in the Brockton MA area, is out there. What I don't get is that we have each party sign documents that they will do no such thing, or else be prosecuted to the full extent of the law. Having that protection in place should allow the negotiator some horsepower to accelerate the disposition of a short sale property to the highest and best buyer.
I get it that they are relying on independent appraisals to establish a value on the property that may be invalid when the buyers bank does their appraisal. The comps get too old and the new appraisor must rely on different ones. That is just a bug in the system that should be easily fixed by rational people.
What I'm not getting is why these negotiators are quibbling about narrow price disputes and seem more willing to send the listings to foreclosure, netting the bank dimes on the dollar. It seems like the last and worst option for bank, buyer and seller. Everyone loses including the communities when these things are left vacant and then dumped into the market pile.
Would someone please explain what I am missing here?
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