I submitted an offer on a home that is "For Sale" for a client of mine. It turns out, the house isn't for sale. Here is the response from the agent:
Tony,
The lender just called me and they are not taking your offer or any offers because they rather go through the foreclosure process.
Seems that some banks aren't willing to work with owners. All the press and all the government programs still don't help. Banks suck.
Tony,
I have a client that tried to do a loan modification on a $166,000 house and the bank wouldn't hear it but they're about to take an short sale offer of $44,000 and put the family on the street. This defies all logic to me.
Posted by: Chris Griffith | July 02, 2008 at 08:28 AM
Definitely a reflection of the economy as a whole. Not only housing prices drop but the collapse of the credit markets. Eventually we will ride out this problem, but if you have cash now there are some bargains to be had.
http://gewdir.com bad credit loans blog
Posted by: Dan | July 03, 2008 at 11:54 PM
Interesting to know.
Posted by: Nita | October 28, 2008 at 05:06 AM
Loss Mitigation can be the answer for many people facing foreclosure and an unsympathetic lender. Please visit www.housingrescueplan.com and connect with Dr. Michael Cantrell. He has a 95% success rate in dealing with lenders to avoid foreclosure proceedings. We can't let the lender's just take away American people's homes.
Posted by: Marie | November 20, 2008 at 09:46 PM