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My short sale for a rental property is failing...
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2010 Dec 6, 2:14am 1,445 views 2 comments
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TechGromit
2010 Dec 6, 6:30am
> The bank initially agreed but then said “no†they found out it was an investor. Does it matter?
I'm puzzled too, what would they care who is buying the property, so only as your check clears does it matter to them? If they said YES then Changed here mind wouldn't that be discrimination? What would happen if they said yes, but then found out you were black and changed there minds? There be hell to pay I bet.
It's a fannie mae property. So initially it was only being sold to owner occupied purchasers. After two weeks it was then available to whomever. At that time, I offered. There are 2 more properties coming through the pipeline that are worthy of purchasing so I'm not desperate to buy, though my property manager just rented out 2 more properties in that area so I'd like to get my hat in the ring sooner than later.
Still trying to acquire a rental property in the Puget Sound area. On month 8 on my short sale and still nothing from the banks. It seems like an exercise in futility. So I've gone ahead and instructed my realtor to make some bids on bank owned properties. Lost out on 2 already. On my third which I thought we were going to get today. It was a 3bd/2bath 1990 sq ft, listed for 202,700. We offered 200k and they pitch in 2% closing costs. The bank initially agreed but then said "no" they found out it was an investor. Does it matter? So I'm re offering for 194k.
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