While I was in Colorado, I got a counteroffer from the bank on a short sale where I represent the seller. Bank okayed the sales price and all other terms - EXCEPT they asked the seller to make a pretty sizeable contribution.
The seller - who had been out of work for months, in debt and out of money - is now working. But he's not working in Arizona. He left all his friends, his emotional support, his home, his family - to take a job in another state. While he is happy to have a job, there is always a probation period with a new job. So long story short, he is not in a position to make a financial contribution to the sale, nor in a position to take on a promise to pay - too much uncertainty in the future and too much debt in the present.
The happy news is that the bank listened! Monday the seller wrote a letter of explanation, and the bank paid attention to it today - and is agreeing to the short sale with no seller contribution.
If all goes well with buyer's home inspection and buyer's lender's home appraisal, we'll have both a happy buyer and an unburdened (and UNforeclosed) seller by the end of the year.
A little too soon to breathe a big sigh of relief, but we're closer than we've been yet ....
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