I had a short sale approved, only condition was the buyer had to have a commitment letter to the bank on Monday of this week, He had it to them, we were set to close next week. I get a call on Tuesday where I was told that the bank sold the house at auction.... They sold it for $102,000
Guess what, the offer the buyer made was for $140,000
I cant beleive it, and who pays for it??? Us the taxpayers.... Unreal!!!!
I know exactly what you are talking about. I think you owed more then 195.000 to the bank.( correct me if I'm wrong)
But there is a process. in this situation you had to apply and qualify for what we call a short sale.
Once the property goes to auction and there where no bids to cover the entire mortgage amount plus additional fees, the bank now ownes the property. by the time they put it on the market as a REO the prices had dropped even more. So I completely agree with you. What is the common sense in this transaction????
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