Bank Short sale

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jack1719
Posts: 361
Joined: Tue Mar 23, 2010 6:43 pm

Bank Short sale

Post by jack1719 » Wed Nov 23, 2011 11:18 pm

Hard to figure out these short sales with Banks,a Condo in a building across the street from me(building is only a few years old) went into a short sale..Bank rejected a 300K financed offer from buyer with good credit and accepted an offer of all cash 250K offer..

Does the bank not care what it sells for? is it just unload it as fast as possible?get if off the books as quickly as they can..

heirloom
Posts: 24
Joined: Tue Jan 11, 2011 10:53 pm

Re: Bank Short sale

Post by heirloom » Wed Nov 23, 2011 11:58 pm

Does the bank not care what it sells for?
There are so many foreclosures today that I really think the banks prefer cash instead of taking a chance of forclosing again.
Did the people who wanted to get a mortgage have a downpayment? A lot of people before the foreclosures happed were able to get a home with nothing down. Plus, they could get a mortgage larger than what the house cost so they could remodel the home.

On CNBC today they said mortgages are starting to increase, but with a 22% down pmt.

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