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Melissa, Home Buyer in 90713

I have wrote to my situation here a month ago about the short sale that we're bidding on. The property has

Asked by Melissa, 90713 Sat Aug 8, 2009

been on the market for 4 mos. now, in fact the BPO has been done twice and we're about to have an answer from the bank(WAMU NOW CHASE) yesterday 8.8. 2009. Unfortunately we heard back from our agent (and the listing agent) that the seller wants to modify their loan now (we found out that the seller has been delinquent for 16 mos.) Bec. someone advise them that they can still modify their loan.Is this reallyhappening in this trend of the current market? We know the bank will just denied the seller modifying their loan as far as the figures and DTI of the seller.Now we are so frustrated on what the way things are. We want the property so bad, we are a qualified home buyer and responsible mortagage payer. Is there any way that we can do to have this property?

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There are actually a lot of folks just like you writing about the exact same thing here on Trulia! Unfortunately, a short sale is completely dependent upon the seller agreeing to the terms and conditions of the bank approval letter. So, at any time before close of escrow, it is possible for the seller to legally back out of the deal.

I know that is not what you want to hear. While it may not make sense for a specific borrower to attempt a loan modification, many folks who are facing hard times hold out hope for things that may or may not occur (and may or may not be in their best interest). I know it is hard to hear, but you may want to begin looking at other properties!
0 votes Thank Flag Link Sun Aug 9, 2009
Hi Melissa,

I have come across this situation so many times. Sometimes the seller list the home to shortsale and at the same time attempt to get a loan modification done. Sometime they list the home with real intention to modify the loan(they do not even let anyone preview). That is another reason why shortsales are such a waste of time for everyone(mostly).

The data shows that 60% of people who modify end up lossing their home because the deal they get is not that great. So try to have a positive attitude. If they end up modifing their loan and are successful at it you have no alternative but to look at other homes.

In fact I always say if you put an offer on a shortsale home move on and assume you will not get it. If the lender in writing accept your offer and you open escrow than you can celebrate. On the other hand you may want to celebrate after you close escrow.

There are other fish in the sea.
0 votes Thank Flag Link Sat Aug 8, 2009
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