Posted by Bill Jacobsen on January 10, 2007 at 16:31:52:
There usually is a price at which the lender will accept. You have not found it. I assume the lender didn’t even counter. Determine the highest price you could offer and try again.
Good Luck.
Bill
Short Sale Declined - Now What? - Posted by mei122@aol.com
Posted by mei122@aol.com on January 09, 2007 at 18:24:39:
It is 16 days before the sale date of a property that I was trying to negotiate a short sale. The lender declined it. I want to keep a good rapport with the homeowner so I want to present other options for him. What can the homeowner do now to help the situation? The owner owes more than what the property is worth.
Re: Short Sale Declined - Now What? - Posted by Bill H
Posted by Bill H on January 10, 2007 at 21:35:43:
First, have you done your due diligence?
For a lender to do a short sale there must be a compelling reason…hardship, loss of job, bad condition, etc…oftimes the mere fact that the market has declined is not sufficient to induce the lender to short.
AND: the fact that you and the owner want a short sale is not a compelling reason.
LIke Bill J says, do more “what if’s” and find out how much you can pay for it and try again.
If you are serious…sooner or later you will get the lender’s attention and perhaps make a deal. The worse they can do is say no…how many times have you heard that?
If at first you do not succeed, then skydiving is not for you.
Keep on Keeping On!
Good Luck,
Bill H