dogs

First, your offer may simply have been too low, which meant the lender would be taking too big of a hit by accepting it. They also may believe they can do better once the foreclosure has been completed, or since loans are often sold to investors, it's also possible that the holder of the note wouldn't accept the loss.

Perhaps the borrower's financial difficulty wasn't stated strongly enough to make a persuasive case for a short sale. If that's the case, the lender might want to work out an alternative payment schedule with the homeowners rather than entering into a short sale. John Kourbage

Since most lenders will require a broker's price opinion (BPO), make sure your offer is somewhere near that figure. Otherwise, a lender will be convinced that they can do better on the open market once the foreclosure is complete.

dogs

First, your offer may simply have been too low, which meant the lender would be taking too big of a hit by accepting it. They also may believe they can do better once the foreclosure has been completed, or since loans are often sold to investors, it's also possible that the holder of the note wouldn't accept the loss.

Perhaps the borrower's financial difficulty wasn't stated strongly enough to make a persuasive case for a short sale. If that's the case, the lender might want to work out an alternative payment schedule with the homeowners rather than entering into a short sale. John Kourbage

Since most lenders will require a broker's price opinion (BPO), make sure your offer is somewhere near that figure. Otherwise, a lender will be convinced that they can do better on the open market once the foreclosure is complete.