Option One Wouldn't Even Consider An Offer
It's just a couple of days before the sale. If nothing else, I was hoping to get the sale postponed. A bonified offer was made, proof of funding was provided, all the justification was included, and they didn't even want to play. Very frustrating. I'll probably try something else before the sale on Tuesday afternoon. Anyone have any ideas?
Current FMV repaired - $120,000
Required repairs - $20,000
Current Mortgage - $94,000
Craig - SoMD
I'm surprised they wouldn't deal because they have taken in a bunch of over encumbered properties.
What do you consider to be a bone fide offer?
Normally takes the bank time to accept a short sale. Since they are days from the auction and owning the property they may have decided to just take back the property. Doesn't seem that crazy to me.
I don't blame you for trying. You may want to try talking to another rep to see what they say. Maybe you got a rep that was having a bad day or didn't know what they were doing. After that get on to another deal.
Also, is the loan insured?
Good Luck,
Tom
then again the borrower filing BK would prevent the sale of the property.