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Bank Wouldn't Refinance and has Declined One Short Sale Offer

By CrowsAreSmart   Follow   Thu, 4 Oct 2012, 11:05am   341 views   1 comment
In Castaic CA 91384   Watch (1)   Share   Quote   Permalink   Like   Dislike  

A source close to me is trying to sell this house. They are on their second offer on short sale - the bank rejected the first. Before deciding to sell, they attempted to refinance for about 2 years to no avail. What's the short sale market like these days in this area? Seems odd to me that the first offer was rejected because it wasn't too far off the listed value.
http://www.redfin.com/CA/Castaic/32714-Ridge-Top-Ln-91384/home/8109773

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1. New Renter Follow Befriend (3) 13 threads 2,220 comments San Jose, CA Premium

   1   12:05pm Fri 5 Oct 2012   Share   Quote   Permalink   Like   Dislike   Protected   Zlxr says Maybe the Bank has the perception that the house actually has some equity. The bank wouldn't even let me do a short sale for approx. $2,000 less than the amount owed. But they were also of the idea that the house had approx. $30,000 of equity. They eventually sold for about $100,000 less - so maybe there is also money to be made in taking a loss. Bailouts anyone?