Replies to This Discussion

Permalink Reply by Kent Dills on February 21, 2010 at 1:56pm

Nope. Not really. Most important thing is that the bank agrees with the current property valuation as being less than their payoff, plus closing costs and real estate commissions. Assumes no other liens, etc.

Permalink Reply by Terry L. Osburn on February 21, 2010 at 2:21pm

I agree with Kent......PLUS they want to make sure the realtor is not using a straw buyer by using two different appraisals just to get a short sale approved and for the listing agent to then bring in a buyer on the approved short sale where that agent is doubling ending.......by bringing the other buyer in at a higher price etc.

I know, no one would think we would still have unsavory agents..........sigh...........

Whether or not this was an isolated incident I have been told on a few occasions that some institutions want to see the property on for 3 months.......Makes no sense to me if true . especially in a market that had been going down....etc.....

I questioned the realtor(s) heavily but they stood their ground......

Permalink Reply by Joseph D. C. on February 21, 2010 at 2:27pm

Thank you for your reply. Just wondering if the three month rule applies even when they have a signed P&S. That wouldn't make much sense to me, but then again when did sense and short sales ever flow together.

Permalink Reply by R E on February 25, 2010 at 6:24am

Just curious as to where you saw this "three month rule"

Joseph D. C. said:

Thank you for your reply. Just wondering if the three month rule applies even when they have a signed P&S. That wouldn't make much sense to me, but then again when did sense and short sales ever flow together.