We continue to read about and hear about this type of thing - but do not know of anyone who has had this happen to them at this point. Where there is smoke there is usually fire - but in this case I'm skeptical of any rumor that implies lenders want to revert to foreclosures. If that's true - why have a Short Sale department in the first place?
There are HAFA (home affordability foreclosure alternatives) programs. We are all pretty familiar with his nowadays... If they run the short sale through the HAFA program, it tells the bank that they cannot pursue a deficiency, they have to release the lien, 1.5K for administration fees, the second mortgage can get 6K and the seller gets 3K to move.
Let the games begin...
It seems that banks do not really like this program, so they are playing interesting games to get out of this program. Do you think it is an unintended consequence of from this regulation?
So some banks are starting to NOT accept the offers that are coming in on short sales. Even if the offer is at list price, the banks are countering at a MUCH higher price. Even higher than the list price that may have been in place for several months with no offers.
In doing this, they seem to be hoping that they buyer walks... Then the bank can foreclose on the property, and pursue the seller for the deficiency. Then they do not have to pay anything to the second, and give nothing to the Seller...
They basically seem to be doing this to make more money in the long run... Are you seeing this? What games have the banks been playing with your HAFA short sales...
This post is not a bashing post, just a post to see if you are encountering this in your negotiations.
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty
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