Fell Through in Ladera Ranch

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crentist_IHB

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So we put in an offer on a Ladera Ranch property (4 Bainbridge) back in April. It was a short sale so we knew it would be a long shot and take forever. When we finally got approval from both lenders a couple weeks ago we were finally somewhat excited. After waiting 5 months they said we would be under contract in about a day. That was until the sellers changed their minds. Apparently someone got in their ear about a loan re-mod. At this point why would a bank want to do a loan re-mod for them? The way I see it they have already proved to be a high risk. Under what circumstances would the bank re-mod the loan significantly enough to make a difference?
 
[quote author="crentist" date=1253067450]So we put in an offer on a Ladera Ranch property (4 Bainbridge) back in April. It was a short sale so we knew it would be a long shot and take forever. When we finally got approval from both lenders a couple weeks ago we were finally somewhat excited. After waiting 5 months they said we would be under contract in about a day. That was until the sellers changed their minds. Apparently someone got in their ear about a loan re-mod. At this point why would a bank want to do a loan re-mod for them? The way I see it they have already proved to be a high risk. Under what circumstances would the bank re-mod the loan significantly enough to make a difference?</blockquote>
Sorry to hear about that. I have seen a few of these short sale listings being canceled because the sellers try to get a loan modification. The bank might be more open to a modification if they see that the owner can easily cover a possible loan modification but the reality is that the loan/s will default within 6-9 months about 80% of the time. Is Ladera your number choice in terms of location?
 
[quote author="USCTrojanCPA" date=1253068458][quote author="crentist" date=1253067450]So we put in an offer on a Ladera Ranch property (4 Bainbridge) back in April. It was a short sale so we knew it would be a long shot and take forever. When we finally got approval from both lenders a couple weeks ago we were finally somewhat excited. After waiting 5 months they said we would be under contract in about a day. That was until the sellers changed their minds. Apparently someone got in their ear about a loan re-mod. At this point why would a bank want to do a loan re-mod for them? The way I see it they have already proved to be a high risk. Under what circumstances would the bank re-mod the loan significantly enough to make a difference?</blockquote>
Sorry to hear about that. I have seen a few of these short sale listings being canceled because the sellers try to get a loan modification. The bank might be more open to a modification if they see that the owner can easily cover a possible loan modification but the reality is that the loan/s will default within 6-9 months about 80% of the time. Is Ladera your number choice in terms of location?</blockquote>


It's number one because all our friends live there. When we start having kids it would be nice to have that support system because her family is not around.



[quote author="SoCal78" date=1253068539]When you say they want a "re-mod", are you inferring they have already received one modification?</blockquote>


Not really sure why I was saying re. I mean modification. Don't think they have modified before unless you count the hundreds of thousands they pulled out of it before.
 
[quote author="crentist" date=1253067450]Apparently someone got in their ear about a loan re-mod</blockquote>Skippy left his flyer under their windshield wiper
 
If you really feel like that was your dream home, then keep in contact with the agent. We put an offer in on a short sale in mid-April, but were told someone's elses offer was accepted. Then two months later the agent called and said the buyer had backed out and our offer was the next best. I ended up declining, but had the chance to get in the game again if I wanted to. You just never know.
 
[quote author="gypsyuma" date=1253105548]If you really feel like that was your dream home, then keep in contact with the agent. We put an offer in on a short sale in mid-April, but were told someone's elses offer was accepted. Then two months later the agent called and said the buyer had backed out and our offer was the next best. I ended up declining, but had the chance to get in the game again if I wanted to. You just never know.</blockquote>
Would it be too personal to tell why you declined?
 
[quote author="gypsyuma" date=1253105548]If you really feel like that was your dream home, then keep in contact with the agent. We put an offer in on a short sale in mid-April, but were told someone's elses offer was accepted. Then two months later the agent called and said the buyer had backed out and our offer was the next best. I ended up declining, but had the chance to get in the game again if I wanted to. You just never know.</blockquote>


That's exactly what happened to us. We put in an offer in mid-April. We were 1 of 4 offers and the top 2 fell through so they opened up our file. We got everything in they asked for. They countered, we countered, then both banks accepted. In the final hour when it came to signing the papers the sellers decided to go in a different direction. Bummer.



Last time I did a search on the property it looked like they owed about $850k on their 2150 sq ft house. Even if the rate gets modified it still would seem like a better deal to take the short sale that had been approved. Unless the modification is taking down the principal amount which I didn't think they do that sort of thing. Just my thoughts though.
 
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