Short Sales---What's wrong with this bank?

Good Morning all,

I am sending this from north Clark County, Washington, and we are snowed in! OK, maybe just a little but 5-6" for us is ugly!! Boy do I wish the rain would return!!

Now for the subject of short sales and here is my story: I have a wonderful buyer who made an offer on a brand new home in Washougal, Wa. Home was listed for $499,000, needed about $15,000 to be finished and needed an occupancy permit. That is the Catch 22---The bank would not finish it in order to get the occupancy permit and we could not secure a loan without the occupancy permit! But, my buyer was willing to risk the $15,000 so he offered over $500,000 for the home. The bank turned him down, and the home was sold at auction for $450,000. Now am I bad at math or is the bank? Wouldn't it have been better for the bank to get the work completed (for $15,000 or less) and then sell it for $100,000 more?

That is my story on short sales and I would be happy if I never saw one again. Not only for the hassle and issues it creates for the buyers but also for the home owners who have lost their homes. I am hoping that 2009 will bring a relief to this and many more issues we face in this great country. We will get through this and hopefully it will be sooner than later.

Merry Christmas everyone!

Gini Moran, Realtor

Keller Williams Premier Partners, Vancouver & Battle Ground, Wa

360-798-8570