ANOTHER SHORT SALE FALLS THROUGH

I can't tell you how disappointed I am to see how banks are responding to Short Sales. A Short Sale is the sale of a home where the seller owes more than the home is worth. We present the offer, comps and financial distress of the seller to the bank and hope to get it approved. This is an opportunity for the banks to sell them home without taking it back in foreclosure. Many times the bank would be able to sell the home at a higher price than after foreclosure due to condition and timing.
This short sale fall through was for one of my buyers. This is the second home that this buyer tried to purchase, that was a short sale and did not go through. The first and second mortgage companies were not apposed to the deal. It was the mortgage insurance company for the 2nd mortgage that killed it. It does not make sense. This would have been better for all involved, but the mortgage insurance company wanted the seller to sign a note in order to approve the deal. The note, had no amounts nor interest rate stated. They were going to fill those numbers in later. Who in their right mind would sign a note like that???
This also happened to one of my sellers mid summer. These are not the type of actions that will help us get through this period.

Just my Opinion...Jeff Cameron