HELP...Bank says the short sale is denied because they think deed in lieu is better!

I just got the following email from Fay Servicing:

I’ve been informed by our investors that the offer is denied. The account manager on the file (Sam Barkho) will be contacting the seller's to pursue a deed in lieu instead. I appreciate your efforts and patience, and I hope you understand this was out of my control. My recommendation was to counter the offer, but after our investors did their evaluation they felt the better option was to proceed with a deed in lieu…I should add that they never even countered the buyers offer.  Why would the bank want the hassle & cost of taking the house back without even knowing if the buyer we have is willing to pay what they want?

What gives?  Can they do this?  Please help! 

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Permalink Reply by Jeff Payne on February 13, 2014 at 7:11am

What is best for your seller?  Is a deed in lieu best for them?  Too little information here to make that call

Permalink Reply by Alisha Wolfe on February 13, 2014 at 7:53am

They want to go the route that does them the least amount of harm, which from my understanding would be a short sale & not a deed in lieu.

Permalink Reply by Alisha Wolfe on February 13, 2014 at 8:00am

I know they are not required to do short sales, but that they are willing to do a deed in lieu instead?  I don't understand why they wouldn't counter our buyers offer first.  Why would a bank want a house back not even knowing whether or not the buyer we have now is willing to pay what they want?

Permalink Reply by Andy Ross on February 27, 2014 at 10:50pm

what is the best deal for you? you should discuss it with them and make decision with consensus thanks.

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Permalink Reply by Jeff Payne on February 28, 2014 at 3:43am

Andy is has nothing to do with what is the best deal for the agent, it is about the person that is affected by a short sale or deed in lieu.   

Permalink Reply by Wayne Brooks on February 28, 2014 at 5:00am

Alisha, are there any other debts on the property......2nd mortgages, HOA debts, liens, judgments, etc?  If so, the DIL likely won't occur.  If they offer the DIL with a waiver of the balance, you can't really discourage that.

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