I am still pinching myself to see if I just had a bad dream or what. My team had this great listing and the sellers fell behind on their payments. We received an offer that would require a short sale approval by the bank. The short sale would net a loss of approximately two grand. After four months of not getting a response from the bank, the buyer walked.
We received another offer with the same net loss....and again no answer. This buyer walked as well. Then the home was vandalized. We still received two more offers. Obviously, the net loss became greater, but still under ten grand.
We never received any type of answer. Not a "yes", not a "no". Eighteen months later the home goes to a foreclosure sale and the bank buys the property back and sells it for 40 grand less than our first offer.
Can anyone tell me why the bank didn't cut their losses in the beginning? It would have saved them tons of money.
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