I keep wondering why we are supposed to bail out banks when they have not been too keen on saving money themselves.... I wrote an offer last year for a short sale and the bank completely ignored me for 4 months which happens in 80% of the cases. The house finally went into foreclosure and was sold. By then my clients were not interested anymore and had made an offer on another house. However, had the bank accepted our offer they would have cashed/saved another $100,000 from the proceeds. But no they preferred to ignore my offer.
Yesterday I wrote an offer on this big house in Berkeley and on tour today heard that the bank had refused an offer for $1,800,000 as-is!!!!!!!!! Now that the house is bank owned it is listed for just under $1,000,000. There is something seriously wrong with that. I have not heard back from my offer so maybe the buyers who wrote the offer came back this time around and they will get their money but that is a huge bet on their part.
Time will tell if they were right or wrong but I have my doubts.
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