I am a realtor, I should know. I have two of them supposedly going on right now. Every time I bring the banks an offer they manange to find a way out of taking it. So I spent 8 hours today working on mountains of paperwork that they ask a seller to produce for a second lien holder who may get 5% on his loan. I suppose it is much better to have the full write off than to get a small payout.
SO STOP PLAYING THESE GAMES with seller's and with Realtors who are trying to earn a living. Are we selling the house or not? I had one bank, who turned down a deal for $1250. WHAT? This makes no sense. Then they get another offer FOR 10,000 MORE, but they would have to pay out closing costs. They would still walk away with 10,000 more after the payout but they say no we don't pay closing costs. WHAT? Same bank, same house which has been on the market for a year and a half. At this point anyone intersted is waiting for the Sherriff sale, and isn't that the goal anyway Mr. Bankster?
So if you are thinking of doing a short sale keep in mind that you will have to WORK AND WORK HARD FOR IT... AND IN THE END IT MAY NOT HAPPEN.
Its just another game for gain.