Upcoming Foreclosures

Would a bank chose foreclosure over a short sale?

We have had an offer in on a short sale for 4 months. According to the purchase and sales agreement, the bank has until March 28th to accept our offer. We are the third buyers that have made an offer on this short sale. The first two offers by the first two buyers were accepted, but the buyers walked because it was taking so long. We made the same offer. The house is scheduled to go into foreclosure on April 7th. Why would this be happening? If the bank accepted two previous offers for the same price, why is it taking SO long to accept ours? Is it easier for them to just foreclose? I'm getting nervous, as it's March 26th! Any advice would be appreciated!

Public Comments

1. Why on earth are you wasting time? You could have been closed on a home by now. I tell my clients that we have no way of knowing if the listing agent prepared the correct package for the lender. If they don't that file goes to the bottom of the pile never to be seen again. If you don't have a commitment on March 28th and have it in writing, I would withdraw my offer and move on. Don't waste your time on short sales, there are lender owned properties such as Fannie Mae and Freddie Mac and they'll buy your new appliances or give you 3.5%! Search their websites. If working with an agent, be specific and tell them no more short sales.