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Short sale seller is walking away from the property after an offer.

I just put an offer on a short sale in Illinois. The offer was 10% less than list price. We were anticipating a counteroffer from either the seller or the bank. Without even bringing the offer to the lender/bank, the seller has decided to work with the bank to walk away from the home. I am confused as to why they would do this after having the house on the market for the past 120 days. Aren't they essentially putting themselves in a position of foreclosure? Is there any reason that a seller would do this? 
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December 05 2012 - US
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In some cases they can negotiate a cash for keys or friendly foreclosure where they do a Deed-in-lieu of Foreclosure.  The banks gets the house, and the owners get some moving money.  It's a lot easier than a short-sale and the damage to credit is the same. For a seller this is the least stressful option.
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December 05 2012
Profile picture for wetdawgs
The seller is within their rights to do this and they are likely to know the consequences.  It is quite possible that they received no offers within the range that they know the bank will accept, and are sick and tired of dealing with it.   Or, there are a dozen or more other possible reasons. 

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December 05 2012
 
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