This is a great question! No property is handled quite the same way either. Ever bank transaction is different even within the same bank. I found that establishing good communication with a bank contact early on is the key to moving forward. It is true banks also have a bottom line. What is funny is that they don't want anyone to know what this is, so they keep everyone guessing. This process creates delays and really is a broken process. "Short Sales" are the main issue with negotiations and most foreclosures have the bid process to work through.
Congress is suppose to be streamlining the process, which in and of itself seems like an oxymoron. It is no sweet sorrow that our banking system is a serious joke. If congress ever comes out of the cold fire and deafening silence to resolve this situation, I will personally treat you to a plate of jumbo shrimp!
Happy buying and remember to laugh to keep from crying!
Pam Jernigan, Realtor
Keller Williams Realty
If you would like a free online list of available Foreclosure properties (with color photos); visit my website below. My Foreclosure lists include all types of Foreclosures including Bank Foreclosures and HUD/Government Foreclosures. My lists are always up-to-date and include full address and multiple photos.
Banks have a bottom line, just like everyone else. I had a short sale take 5 months, because the bank would move on the price.
Also, the bank wants to get a good price for the home and not just get what they owe.
Hope this helps.