I represent a client who has had his condo on the market for more than a year. 5th 3rd has the 2nd mortgage.
Finally a 4th offer sticks and a buyer wants to hold on in hopes of getting it, and it took 5th 3rd 4 months to say "NOPE, we will not allow the short sale, the value we have on the unit is almost double what the offer is for". I wonder if they cook their books to make their inventory look higher than what it is? or values that is? do they get more TARP money?
Basically they can kill the deal even though the first mortgagor wants it sold? How can they do this?