You are right on the short sales - we started on this one back in November last year, but it now looks good in a few weeks. The house is owned by a family of five, relatively young kids - they ended up owing $665K on a house that’s now worth $400K in this market. It’s a dilemma - when will the $265K shortfall come back? I’d say, close to never. As a banker, I can see why the banks are slow on these transactions - imagine writing off $265,000 on just one loan?
Anyway, Ms. unique and I figure that we are doing the owners a favor by stepping in on a short sale versus a foreclosure on their credit record - they are really nice people that just got carried away - of course, the banking system - specifically mortgage banking allowed this to happen - along with Freddie/Fannie and that swishy Barney Frank.
Mr. Beachy was quite surprised that I knew the govt (Franks/Mac&Mae) was the major blame for the mortgage mess way before the media spewed it out. He usually knows these things before me.
It is nice of you to step in. Hope it works out for you.