first round draft pick: no-go

[boogieshoes]

well, got the news today that the first attempt fell through - not through either my fault or the seller's fault, but because the seller's bank foreclosed on them over the weekend.  things were actually going pretty quickly for a short sale - it'd only been a month since we'd made the offer, we had a decent housing inspection, the sellers had co-operated with everything the bank asked.  the bank had finally appointed a negotiator on the contract, and the sellers had moved out this weekend.

and then the bank foreclosed, and even offered the sellers the option to move back in, because the bank's stated policy is *not* to sell foreclosed-upon properties for 12 months after foreclosure date.  (this has to do with the length of time mentioned in AL's Right of Redemption laws, ie, the prior owners have 12 mos. to make good on what they owe.)  the sellers did not take them up on the offer. 

i'm glad this did not drag out, but both the real estate agents and i are kind of baffled.  as it stands, the bank is not only going to lose the 70-80k short of what the sellers owe, but also another 20-30k as they lower the price to get rid of it.  *and* they're going to carry an investment they're not equipped to take care of, and the lack of maintenance will mean people will bid even lower than their asking point down the line.  it's kind of crazy.

i'm not as upset about this as i thought i would be.  baffled, but not upset.  i hit the lists again tonight to see what i can see.

-bs

Comments

[slavelabour.livejournal.com]

Oh argh! I'd hoped it would be smooth sailing for you. I hope this means the next house you find will be even better. {hugs}

[boogieshoes.livejournal.com]

an argh moment to be sure. i saw another house down the street from the first one yesterday, and put a bid on it. same neighborhood, which i know i love. solid mid-grade house, same acreage. it's only been on the market for a few days, so hopefully it'll be the one. we shall see.

*hugs*

i should toddle over to mag7daybook and leave a buck-prompt. but half of me thinks it should wait till friday.

i should also totally throw a macro amnesty day in all the comms i mod the day i finally close, heh.

-bs

[murstein.livejournal.com]

Many banks are being as stupid about foreclosing, short sales, and selling after foreclosure, as they were in giving out loans a few years ago. Thanks to national banks assimilating local banks, it's the same suits calling the shots for policy nationwide.