The evolution of Short sales!!!

[Ade O.]

I just had a not to plesant experience with a short sale deal I had on under contract in november, so I found the deal on the mls, I put in an offer for 115k a few days later the agent calls me to say that there are multiple offers on the property and that I need to come up with my highest and best offer, so i went up to 118k and he called and said we had a deal, so fast foward to january, after several calls to him, he sends me an email telling me that the bank(bayview) now wants 135k for the property, so I write a detail email explaining to him and the bank how we came up with the offer and that it is a fair and strong offer we also detail the work that needs to be done on this property and also the recent vanderlism(which occured in Dec) to the property and offered to go up to 120k, at the end of the day the bank did not move off their 135k number, I do not know if you guys are experiencing this kind of situation in your market, but for you to have a house under contract for several months only for the bank to comeback with several thousand dollar counter leaves me with a really sour experience with short sales,to me it makes more sense for the bank to do there bpo and due deligence before putting the property on the market with a price that they will accept.