sdollies, Would it suprise you to hear that the Banks don't know what they are doing? They are trying to respond to the Gov., borrow more money, come up with excuses and explanations, diguise a new bonus package and figure out offers for houses that involves all that confusing math stuff.

So sometimes they hire others to participate in the process, unfortunately those people are trying to respond to the Gov., come up with excuses and then there's that math stuff..

It's a very slow process at this time, but it can be done.

Good luck, Dunes

Short sales are a great way to get a good deal, but, you must make sure that the agents on both sides know what they are doing or you could sit around for months, waiting, only to find out - the Seller didn't qualify or your offer was not strong enough and that doesn't just refer to the price you are offering. Sit down with your agent and find out what s/he has done to:

- ascertain the Sellers have a strong probability of qualifying for a short sale
- make sure the Sellers agent knows what s/he is doing
- to make sure you offer is strong
- to follow up on the status.

You also need to know the market value of the property since part of the approval process will include a broker price opinion. That will let you know how your offer stands compared to the value the bank will assign.

Good Morning - Your scenario is all too familiar in this market. Unfortunately all too often the purchaser gets caught up in a buying nightmare and ends up not getting the house. A small percentage does close. The problem is when the home is also in default. The loss mitigation and foreclosure department have no contact with one another. Many time the home is foreclosed on before the bank can respond to an offer. The industry has been having problems with this for many years. They are working on solutions. My suggestion is you do not become attached to this home, don't spend any money towards it, and be patient. You might start looking for another home in the mean time. The odds may not be in your favor. Good luck to you...
Birgit Anglin
Windermere Exclusive Properties
REOexpert@BirgitSellsHomes.com
760-815-4122

It is getting better now. Also just timing and no one wants to make a wrong move. They also look at their loss ratios to asking price.

sdollies,

This is an excellent question.

For the bank to understant the often complex financial situation associated with a property, it can take considerable time. They are often left with unraveling a tangled financial mess consisting of not only a mortgage but a second mortgage, line of credit, liens, divorce/separation, taxes, HOA fees etc.

What we see from the surface can appear simple but below the surface can be a nightmare.

Good luck

sdollies. I hope you are trying to purchase your home with a help of a Real Estate Professional. What does your agent tells you? What does the Seller's Agent tells you? How long has it been since you submitted your offer? Banks in short sales situations take their sweet time to respond even if its a fabulous offer like the one you wrote. I believe that you have a great chance to get the home but the ones that are more qualified to respond would be your agent and the Seller's agent. Keep on asking them what's going on. Good luck.
P.S. If you are not working with a Real Estate Agent please give me a call and I will be happy to try to help you out.