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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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.
what is the best deal for you? you should discuss it with them and make decision with consensus thanks.
How to be a money broker
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.
What is best for your seller? Is a deed in lieu best for them? Too little information here to make that call
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.