billbaldi_IHB
New member
Right now about 2%-3% of short sales are being accepted. It is not worth your time. Bank owned is a different ball game. That is where you should put your energy. The reason why alot of short sales aren't happening is due to the fact that most homes in foreclosure have multiple loans with multiple banks. The first bank may accept your offer but the second and the third banks normally reject the offers because they get left holding the empty bag. If you make an offer for a short sale for 1M and lets say the first bank is owed 1.1M, the second loan with another bank is owed 200K and the same for the third. Bank 1 will probably accept the offer. Bank 2 and 3 will get nothing. Therefore they both refuse. This is something most people don't understand. This is why many realtors refuse to work on short sales. It is very time consuming and it rarely is successful