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Why does the house we happen to like have to be a short sale!???!!! It figures! lol!
Because most homes are now short sale. The price keep going down.
I also found the house I love in short sale, put in the offer, first bank approved, 2nd bank wanted full loan amount paid off. So my contract is off and I am sitting here upsetting about it now.
I recently read that short sales are like snowflakes. Each are not the same. Even if you and I have a short sale with the same lender, our timeline could be totally different.
Right now I'm in the middle of a short sale. Offer was placed in July. No substantial update yet, other than now the lender says the sellers qualifies for HAFA.
Another reason that banks may not accept a particular offer on a short sale is that the loan has insurance. The bank makes more money by collecting on the insurance - even if they ultimately sell the home for less.
OneWest, who purchased the IndyMac loans, has a sweetheart deal with the government on each and every loan they purchased. Even though they bought the loans for pennies on the dollar, it may be more profitable for them to foreclose and sell it for less later.
Or the Seller may not qualify for a short sale. If the house is the only thing he is delinquent on, if he has cash in the bank, if he does not have a hardship, etc. the short sale may never get approved. The bank will just foreclose.
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