I recently attended a short sale round table where a loss mitigation manager from a local bank discussed his views on short sales. It was interesting to hear from the bank’s point of view.

Are these practices going to cause a further collapse in the housing market ?
Daniel,I think your right,and know it is causing a lot of Realtors financial pain for lack of closings

Good offer and the bank keeps stalling.They will no say they want more money and it is not worth more after 5 months.
Do Bankers think people selling real estate want to waiste their time if they will not accept a comparable offer?Bankers are not communicateing enough to allow a good transaction.

There’s a house which was foreclosed in LA county on September of last year and is still bank owned according to record. How long will the bank usually hold it till it goes on sale? I pass by this property almost everyday and it’s vacant with grass and weeds growing tall.

We have an opportunity to purchase a house at a great deal that is currently in pre-foreclosure; We would like to make a contingent offer if/when it goes to bank owned.

I’ve been told that YES they will accept and NO they absolutely will not accept the offer.

Our agent tried to ask the seller’s lender, but they won’t give a straight answer (although she said it may be an issue). And I’ve tried calling banks to find out their standards, but couldn’t reach a human and the automated system didn’t know.

Hopefully someone here does. Thanks!

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There is a new build in our area that is bank owned and a realtor has listed it at $339,000. We looked up county records and it showed that the bank bought it back or paid it off for $230,000. How negotiable are banks with REO’s? Would we be crazy to offer them $235,000 for the home? thanks!

I purchased a home nearly 2 years ago with a 100% financing with 2 loans for $365K in Northern California. I have a 1st 80% and 2nd 20% from the same lender, both loans closed on the same day, never refi the loans and the 2nd 20% loan is not a HELOC. The properties comparable to my house around my neighborhood now sold for $265k-$280k so in that respect, I’m very upside down. To make long story short, I’m having difficulties paying my mortgage and here’s my question: If I foreclosed on the property, the bank would lose about $80k-$100k. If I go with short sale, assuming the bank approves it. It would still only be selling around $265k - $280k at the most, I’m 90 days late on my mortgage and I realized this might be a good time to negotiate with the bank since I might be able to leverage the current market turmoil situation to renegotiate the terms. What are chances the bank are willing to forgive my 2nd loan, which is at around $72k? Please advice, time is running out. Thank you.

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