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Short sale manipulations?
Original post made
on Nov 5, 2011
I have a question to any realtor or mortgage broker that might be able to answer....this has been eating at me for 2 years.About 3 years ago I made an offer on a short sale of about 475,000 and I know there was at least one higher offer.We waited for about 3 months and nothing happened.The seller then took it off the market.This particular model is in a very popular neighborhood and is a single level that almost without exception sells in one weekend when one hits the market.Now about a year has gone by and it has not been put back on the market so I am fortunate to buy the same model elsewhere in the community.Now to further complicate the story 95 % of these are duets and there are only 3 or 4 that are the same floorplan but not attached.The original one I bid on was unattached and sells for a higher price.Now another unattached one goes on the market and somebody buys it for I believe 575,000.Now here is the problem...the original one I bid on that is unattched sells for 385,000.How is that possible?It would have easily sold for at least 500k in one weekend at the time.So why would the bank do that and lose all that money???So what if the buyers paid cash,which I have no idea.There were a lot of people with good credit and a big down payment that would have bought that in a heartbeat.Anybody have an answer???Thanks.
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