short sales: Are the Banks receiving too much Bailout money?
- 12/18/09 01:58 AM
What is going on with the banks? I have recently seen this scenario play out twice in the last month. We have a contract, present it to the bank for short sale approval. Bank orders a BPO(Brokers Price Opinion) and cancells the short sale because of "Insufficient offer". Bank forecloses and relists the house as an REO(foreclosure) for 25% less than what our buyer could have closed on it for 3months ago. Huh? Just so you can see it in real numbers. I will give you an actual scenario. Seller had a contract with a cash buyer for 1million dollars. In this case … (5 comments)
Ask just about any Realtor about seeing a short sale and you might get the response "I'd rather cut my arms off rather than work on another short sale". They are laborious from both sides of the transaction, take a long, long time and could get foreclosed in the process. So why bother? Although a short sale is not for everyone, especially not for a buyer who has a time limit for moving. A short sale can provide a win, win for all parties involved. For the buyer, a home that is more than likely … (3 comments)
What is going on with the banks? I have recently seen this scenario play out twice in the last month. We have a contract, present it to the bank for short sale approval. Bank orders a BPO(Brokers Price Opinion) and cancells the short sale because of "Insufficient offer". Bank forecloses and relists the house as an REO(foreclosure) for 25% less than what our buyer could have closed on it for 3months ago. Huh? Just so you can see it in real numbers. I will give you an actual scenario.
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