Do some lenders ever learn what to do with short sales? We have an offer on a short sale that has been waffling around since May 29. The lender is "prominent" and has the word "bank" in their name. We could not understand for our lives how they could be so close minded about the offer.
Without going through all the details, the number they were insisting on based on their "valuation" was completely ridiculous. Finally we asked how they got to the number. It was not a surprise that although I had sent them a complete market analysis, they were using a computer model. In our area, those are mostly based on tax values and are all over the board, and consequently not valid most of the time.
However, to make matters worse, in the conversation they mentioned the value of a particular address than had nothing to do with the contract. When questioned about the address, they said that was what they received from the owners ... which was correct. The only problem with that is it was the owners' new address two counties away, not the home under contract!
Seriously?
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