Short Sale Denied; Advice to make Bank Reconsider?
I am/was interested in buying a short sale here in CA. Six months ago, the process began with a purchase offer.
A week ago, the bank, after giving every sign that approval was going to be given any day, formally denied the short sale and said they were going to foreclose.
My offer was the only offer they received in the approximately 9 months that the house was on the market. They were going to take about a $250K loss on the sale.
It's a large loss, but I don't see any way that foreclosing will benefit them financially.
I want this house. I feel like the price is fair, the timing is right, and the property suits my needs perfectly.
Is there anything I can do to convince the bank to approve the sale? Will writing a letter do anything?
I think it benefits them to sell now or else I wouldn't think of trying to convince them to do so.
I figure that I will get another crack at this in foreclosure, but I am concerned that it may go to a lower bidder with an all cash offer, something that I am not able to do.
Thanks for your suggestions.