The Crazy World of Charleston Real Estate Short Sales and Foreclosures

I was speaking with one of our Charleston Short Sale specialist’s; he was very frustrated with how Indy Banc handled a recent short sale.  The agent had been working the short sale for over 4 months with a “clean” cash offer of $130K and Indy Banc decided to foreclose on the property.  At the foreclosure, the bank got only $60K for the property.   It seems to me, that the bank lost $70K on the deal, the seller lost by having a larger judgment, and the 1^st buyer lost by not getting the property even though he was willing to pay $130K.   What would prompt Indy Banc to foreclose when they have a cash offer for twice as much?  What do you think? This transaction does not make sense and is part of the crazy world of Charleston real estate.

Tagged as: linkedin