OMG, short sales are so unpredictable as it honestly depnds on the bank. I've closed on a short sale in 2 months wherein I was able to obtain $470 out of the $500k owed, with lack of consideration for this missed payments , , , then I've endured short sales where I acquired an offer price that is now grater than the current post foreclosure list price because the bank insisted on a greater price. . . go figure.
Unfortunatley, despite what the "short sale" quick course Agents may tell you, there is no rhyme or reason as to what these banks decide to do and FEW AGENTS have the expertise or power over the bank's deciiosn . . . although many proclaim after taing a short course on short sales they are "experts".
With short sales, none of us are "experts", as the banks are unpredictable . . .. and this feedback comes from Agents I know that have been in the busines of short sales long befiore the current market.
Unfortunatley. livable v. non liveable vs. no central air really doesn't matter to banks as it does to the typical sale wher we can use that as leverage.
Unless a short sale has been "preapproved" Iin my view it is rearly worth the effort. , athough there are exceptions and your local agent with true kowledge of the short sale process will be most able to advise u of same.
Love and Peace,
Francesca Patrizio, ePro, SRES
What really gets my goat is that after the home goes to foreclosure slae, it gets put back on the market for less than the contract offers were that I had on it!!! I have a feeling there is something going on behind the scenes at the banks that makes their actions make sense. One investor I was working with told me that the banks keep the prices high on the short sales so the numbers on paper look good for their investors and so the stocks at the bank stay high. See what I mean? It makes no sense on our end, but there is something rotten going on behind closed doors, and unfortunately the home sellers are the ones that lose because they then get a "foreclosure" on their record! The banks don't care if they lose money on a deal in the end because the government gives them a bailout. I have a feeling that someday a book will come out explaining what the banks were doing to the real estate market to cash in the most money for themselves.
I don't know if this helps you or not, but maybe just knowing that "it's a lot bigger than you know" and "we are all wondering why the banks are doing what they're doing" will make you feel not so alone.