Why are banks unwilling to actually sell the ‘short sale’ homes? Don’t they need the money?
An Anonymous User asked:
I made an offer on a house that was a short sale, going into foreclosure. The house is listed at $199,900. My offer was $185,000. The house has been on the market almost a year. But the bank is not accepting any offers, and wants to increase the listing price of the home. If the house didn’t get any offers or sell at the lower price, what makes the bank think it will sell if they raise the listing price? Does this make any sense, and is it even legal?
they are too rich
you are in a position where patience will probably pay off. wait them out. there are so many houses for sale right now they may lower it below your offer soon. if not it hasn’t cost you anything.
In a short sale the bank does not own the house. The owner is attempting to get the bank to settle for a shortage on the mortgage payoff and still allow the buyer to get a clear title. The bank can change their mind even at the last minute just before closing (and sometimes do) because they are not a party to the contract and not obligated to anything. They only agree to this is #1 They believe they will be better off agreeing than foreclosing on the property. #2 They do not believe anyone is attempting to defraud them (by selling to a relative or something like that). They spend a lot of time investigating to see if this is the best price they think they can get, and who is really buying and they also investigate the original purchase to see if someone cheated them there.
It takes a very long time to hear if you will get this accepted or not. I believe most buyers are better off not considering a short sale.
It is often in the banks best interest to foreclose. When they accept a short sale they forfeit rights to recover the funds the owner is trying hard to steal from them.
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