Foreclosure University Forum

short sale have a buyer banks refuse sale

by BlaineW ⌂, Utah, Monday, January 25, 2010, 13:01 (3407 days ago) @ L21dukes
edited by foreclosureuniversity, Monday, January 25, 2010, 13:50

Fair market value of your property is key to know. You need to do your own assessment of the value of the property, and compare that to your offer, as well as to the bank's value. Perhaps your real estate agent can get this fair market value for you. If the offer on your property is too low, the bank will definitely have an incentive to send it to foreclosure, and hopefully sell the home themselves to get more money back. But, if the offer is a fair offer, or perhaps too high, then you need to show both banks this, help them understand the risks they face and potential money lost if it goes to foreclosure, and get them to talk. A good short sale negotiator will know how to do this. If your agent doesn't know how to do this, get a new one.

Good luck,

Blaine Washburn
North Star Realty

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