How LOW can we go?


Question: Are the banks that desparate that they are willing to lose 100K?


Answer:
     I cannot answer as I'm not the bank.  I will give you an example of what I'm working on  - 3 years ago we sold a condo for $240000.  Today I have that same condo on a short sale for $110000 and we have a closing date which means the bank said yes.  However from your perspective, do you care what the place sells for?  The thing is you won't gain anything on the sale but you won't have a foreclosure on your record either. At least the submission of an offer means you are no longer being passive but taking an active role.  The bank may say no in which case we would try to get another offer.
Posted by Palm Beach Foreclosure Help at 5/15/2009 9:25 PM
Categories: Foreclosure, Short sale
Tags: active contract mortgage stop foreclosure
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