How 'bout finding out that the home you've put an offer on goes up for Auction?
Crazy!! Here's the REAL story ... I represent the Buyer on this one.My Buyers are qualified, able and willing. We find a Big beautiful home in a fantastic neighborhood. It's a Short Sale. ~~~ We put in an offer, the sellers accepted it. ~~~ Market Value and an Appraisal support the offer amount. Life is Good!
THREE months later, My buyers are expecting an Approval Letter any day from the Seller's bank to OK the sale. ~~~ Quick explanation ... A home that is being sold as a 'Short Sale' involves a THIRD party. (1) Buyer, (2) Seller, (3) the Bank that holds mortgage. The Bank has to Approve the sale because the home is being sold short of what is owed.
The Approval letter hasn't come yet however, we have learned that the Bank has put the house up for Auction! Why? To fish for a higher offer. My buyers have been patiently waiting for over 3 months and if the Auction produces a higher offer ... you guessed it - my buyers who have been on the hook are going to get the proverbial boot.
Short Sales have JUST become an even bigger headache AND the 'Deal' to be had isn't there anymore for the Buyer. What a buyer Will have is a Stupid long wait, uncertainty and absolutely no control. And a Headache.
This is from the perspective of the BUYER.
For those who have exhausted all other avenues (arrangements, loan modifications, re-finance, etc.), a Short Sale is a FAR BETTER alternative to Foreclosure. I'd be happy to discuss options.