Asked by jenny_fickle, Oakland, CA • Mon Dec 10, 2012
Five months ago, my partner and I made an offer on a short sale that was accepted by the sellers. So now we've been waiting, and waiting, and waiting for an answer. The sellers have two loans with two different lenders, so I understand there's complexity there, but why do short sale negotiations take so long? What exactly are they negotiating? Either the bank likes the deal or they don't, right?
It seems there are approval matrices for every other type of financial deal out there--when you apply for a mortgage, either you hit the lender's minimums or you don't. Same with a credit card, or student loan, or insert-instrument-of-choice-here. So why not short sales?
It's not like this is a U.N. carbon emissions treaty or something; this is a small, modestly priced home in Oakland. What could the hold up possibly be? Banks and their negotiators are ridiculous.
A frustrated buyer
Real Estate in Oakland
Popular Categories in 94602
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!