I’ve had a short sale negotiation for my house going on for a good four months now, and I’m getting a little depressed. The negotiation is not going well, and the bank (Homecomings) now wants $175K. (BPO $195K). The investor offered $165K, and even that, he was a little wary of paying. Now, with the bank’s new demand, he says they may just be trying to scaremonger and get every last penny they can, and sometimes if you walk away from the offer, they call and say they’ll accept after all.
We wanted to be out of the house by Christmas, but the way it’s looking, that isn’t going to happen. I talked to the investor about doing a deed-in-lieu if he’s unwilling to meet their counter-offer, and he said that they bank may stop working with us altogether and accept that instead of foreclosing, as it would be the cheaper option, and they’ll end up selling the house eventually anyway.
Does anyone have any solid knowledge about DIL? Like how long it takes, consequences, etc…I heard they’re rarely offered by banks, but I don’t know what else to do. Thanks in advance.
The house has been on the market. The problem is, there are hundreds of new homes being built here, but even they’re not shifting. I work in the construction industry, and I’ve noticed a massive slow-down. The dilemma there is, why would anyone buy a beat up 38 year old house for $175K when they can get a brand new, 3/2/2, never lived in home for $188K?
Okay, I just got an email from the investor, and he said he just spoke to the LM rep, and she seems to have finally realized that he wasn’t going any higher, and my bet is that this is the best offer they’ll get. She asked him to send her a fax copy of what they’d just discussed, and she would forward the file for further review.
Hopefully they won’t take too much longer to make a decision, and fingers crossed it goes in our favor. They should make this process a new official form of torture!