Perhaps loan mod and short sale *attempts* are taking place …
I’d guess the majority of the short sales will go back to the bank sooner or later. A few examples:
#1 was supposedly approved at $300K, got countered at $325K by the first lender, then at the last minute got torpedoed by the (undisclosed) second lender. Went to auction and back to the bank. Of course it was so far underwater you had to scrape the whale **** off your shoes before you went inside.
#2 went pending months ago at $300K. Back on market supposedly approved at $360K …
#3 is listed at $300K, which is a fair price considering the walls are ripped out and the roof is leaking. Lender countered verbally at $400K. I think that translates to “… and the horse you rode in on.”
#4 again was supposedly approved at $300K, accepted offer came in over. That was months ago and now the first lender has agreed with the (again undisclosed) second that $325K will make everyone happy … this week. Wonder what the second will say at closing?
