Hi all,
I'm currently working on a short sale where the lender came back and said the current offer we had wasn't acceptable because it didn't meet the lenders minimum net of XXX,XXX. I asked them if I could get he buyers to come up and get them the required net would that mean we have an approved short sale and can move forward. The negotiator responed with "Yes. As long as the bank get their required net of XXX,XXX".
I got the buyer to come up and delivered an new HUD and addendum showing the increased sales price, extended closing date and required net (actually a little more than they asked). Then I get this email asking me to provide what it might cost to bring the property to foreclosure so that she can put it in a spreadsheet and deliver to her manager to get the approval letter!? Seriously?
Has anyone ever been asked this before? Seems a little fishy. I guess more importantly, how should I respond?
Thanks in advance for any advise/experiences.
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It the olden days, comparing the cost of the short sale vs. the cost of foreclosure was the main way that short sales were implemented. Now, I haven't actually heard of a bank asking for a spread sheet that is provided by the listing agent... but, essentially... the foreclosure is the main competition to a short sale in the bank's eyes. Best of luck!