There are many reasons why a bank might reject your short sale offer. Some are less mysterious than others, and, more often than not, your bank hasn’t heard the magic bargaining number that will release you from their clutches. Here’s a couple ideas how to get the bank to accept your short sale terms.
Its not uncommon for a bank to sell you mortgage to another lender right beneath your nose. Though this sounds shady, it’s perfectly legal and commonplace. This can happen right in the middle of a short sale, and will definitely put the brakes on your short sale. Talk to your bank way in advance about the conditions of your mortgage. At least be sure they still own it!
What Can I Do?
It’s important you demonstrate to your bank that you have taken every step to properly valuate your home. This often requires a comparative market analysis done by an official appraiser. Many people faced with foreclosure rush to sell off their home. Since they stand to gain nothing from the sale of the property in a short sale, it matters little to them if the home is sold for five dollars or a million. It is the bank that stands to lose in a short sale.
Still, your bank should have a good idea what it is willing to accept on your home. If you want to expedite the short sale process, be cooperative and take every reasonable step to ensure all parties involved are happy. Be consistent throughout the short sale process, and keep all potential buyers informed of any bumps that may occur along the way.