Banks Unwilling To Do Short Sales!
Has anybody had experience with banks unwilling to do short sales in a hot market like Las Vegas? It seems they are willing to hold the property, because once it becomes an reo they can easily sell at or close to fmv. I am not sure how to deal with them at this point.
Thank you for your help / ideas!
You pretty much answered your own question. A short sale only works if the bank has a compelling reason to accept your offer. There is no reason for the bank to accept anything less than full loan value or possibly full retail if the house is in good shape and in a hot market.
I am by no means and expert, just adding my 2 cents
In this hot FL market, my number of short sells has dropped dramatically. If someone bought a house three months ago they have equity. So while you can not do as many short sells, you get houses that have equity. Personally, I would rather have the house with equity. And almost no homeowner knows what their house is worth because the market is appreciating so fast so it is much easier to get a house with equity - foreclosure or not. The only problem is getting the house to appraise and getting insurance. Appraisal are based on what has sold and insurance is based on the rebuild costs. Neither is based on what you can sell it for.
Brenda