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Short sale disappointment
I'd love a little advice/words of wisdom/consolation. We just heard back from our seller's bank, and their BPO came back $50,000 over asking price. Their BPO came back at $500,000. The house was originally listed at $480,000, sat for 2 months, dropped the list price to $465,000 and sat for another month, and then finally dropped to $450,000. We offered $435,000 with no assistance, and we were the ONLY offer the house ever received. The seller's bank is clearly living on another planet. If the house could not sell at $480,000, what makes the bank think that it's worth $500,000? News flash.... a house is only worth what someone is willing to pay for it, and no one was willing to pay that much for it! I just don't get it. So the bank pays to forclose instead and has to take an even bigger loss? Where is the logic in that?! I am so disappointed.
We are going out to look at other listings this weekend, but I am not very hopeful. Ugh. I hate house shopping so much. We've been doing this crap for more than a year and I just want to find a good house. This is our third friggin deal to fall through. Gah!
Re: Short sale disappointment
~L~
Mommy to 2 boys, ages 7 and 5 and a little girl who is 1.5
We had our hopes up for a short sale and decided that 4 months was as long as we were willing to get an approval for the bank, which never came. We moved on, found another home that was a regular sale. The sellers accepted right away and we're planning on closing May 25! Some things are meant to be, others are not. I am actually glad that the short sale didn't work out because the home we have found so much better for us. Just stay positive, the right home is out there for you!