These banks are not going to let the sellers walk away from all their debt and then turn around and increase their loss even more by selling you the home at a good deal!
Find yourself a foreclosure or re-sale where you can get a credit to pay your closing costs.
The most important and profound aspect of a short sale package is the home owner's financial information. The bank is less concerned about the hardship letter and other "filler" information associated with the package. I think there are rules and "ratios" that vary from bank to bank. The bank is aware of various scenarios that include foreclosure, REO and short sale options related to each property in its inventory. If their ratios (probably computer generated) show it is more profitable to let a home go into foreclosure then I do not think there is much an agent/broker or other representative can do to prevent this from happening.
My problem with the short sale process is how the banks seem to be removing the "human" element and possibly relying on computer generated information as a primary tool to approve short sale options. This may, in part, explain why the process may drag on for months with little to no response from the bank.
Can you wait 6 months to a year to hear the answer NO 4 out of 5 times and begin all over again??
Realtors have very little control, to NO control, ce can't even get answers. There are no rules- it's a very ugly process -
On any short sale purchase the three most imprtant keys are:
2) a good knowledible realtor who knows how short sales work, who has the numbers of the loss mitigation managers, and knows how to structure the offer to expedite the reponse
3) more patience
I work with dozens of realtors but only have 1-2 that I recomend for short sale and foreclosure offers. Email me if you need some referals