Why do Novi short sales fall apart? There are many different reasons why a Novi short sale may fall apart. Some of the reasons are.
1.) The Novi home may have gone into foreclosure and the redemption period may be up. The bank now owns the property as a foreclosure sale.
2.) The home owner may not be co-operating and giving the bank the paperwork to complete the sale. They may be dragging out the short sale in order to live in the house longer without making any payments.
3.) The bank may have asked the homeowner to come to the closing with money. The homeowner may decide it is cheaper to let the home go to foreclosure.
4.) The bank may require the homeowner to pay back the deficiency. They may not give the homeowner the deficiency letter they were asking for. Again the homeowner may decide it is cheaper to let the Novi home go to foreclosure.
5.) The bank may have appraised the house for more. Your offer may not be enough. You may think the house is worth less. You and the bank may never come to terms.
These are the top 5 reasons a Novi short sale falls apart.
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