We've had our house up for sale for almost a year. Had one buyer walk away during the short sale process. Had another offer right after that. Bank sat on it until the day before the foreclosure date. Then came back with the offer was too low and they needed X amount to postpone foreclosure. So the buyers raised their offers and the realtors lowered their fees.
What does the bank do? Not approve the postponement. and then what happens? Freddie Mac (WHO OWNED MY LOAN!) buys it at the auction today.
So basically they screwed me, because they were able to purchase it for less and they think they'll be able to sale it for more than the offer we got?
My realtor told me the banks do not like the program Obama put into effect and are doing whatever it takes to stick it to him. (I don't buy this, I think they were just greedy thinking they could get more...but why give us a number if they weren't going to accept it?)
I'm not sure I understand the whole process.
Sorry this is so long, I'm just really confused.
What does the bank do? Not approve the postponement. and then what happens? Freddie Mac (WHO OWNED MY LOAN!) buys it at the auction today.
So basically they screwed me, because they were able to purchase it for less and they think they'll be able to sale it for more than the offer we got?
My realtor told me the banks do not like the program Obama put into effect and are doing whatever it takes to stick it to him. (I don't buy this, I think they were just greedy thinking they could get more...but why give us a number if they weren't going to accept it?)
I'm not sure I understand the whole process.
Sorry this is so long, I'm just really confused.