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Updated about 11 years ago,
Is that part of what to expect at short sales?
Hi.
I am pretty new at this game, so please excuse me if what I describe is routine. In summer I put a short sale under contract with the seller, awaiting a reaction from the bank. Nothing moves for almost four months until I see the property on auction.com listed as trustee sale. My realtor finds out from the listing agent that all of the sudden there is a bank counter offer. I don't understand why the listing agent didn't inform us. I also don't get that there is no written and signed document sent from the bank. Only a brief email from the listing agent states that the bank counter offered at a certain price. Meanwhile I countered the counter offer, and again, no response from bank or listing agent while the trustee sale date is getting close.
How can the bank go forward with a foreclosure when it is in contract negotiations with me? Is that legal or do they get by with it because they know they can? And why doesn't the bank bother to document the counter offer?