I also wonder why there hasn't been more
discussion about Short sales.
Check out the results of a search of these message boards. There have been lots of discussions about short sales. Many similar to yours.
It avoids foreclosure for the sellers and
places a buyer in immediately. Why so
Because lenders lose a lot of money on short sales and they either won't approve them or they'll stall until they can sell the house for more than the short sale offer. Been a few messages here about that, too.
I would back out, but my husband who is
giving and treated me and our daughters like
Queens, really wants this property.
My house buying philosophy for the past 3 decades has been to never "really want this property". I have always narrowed my choices to several that I'd be happy to have with the willingness to walk away if negotiations weren't going my way or there was some sort of glitch during the escrow period. As a result, I've made some smokin' deals on houses that I've bought over the years. Your husband's emotional attachment to "this property" makes you vulnerable to getting a bad house with a bad deal and it keeps you out of the market while you dance to the lender's tune and miss out on all the great deals from motivated sellers.
I cannot bring myself to say, let's move on.
I would have two months ago if it were up to
me. Thanks again. I don't even know the name
of the lender who took over the property. I
want to email sellers attorney, but I