Bank of America is determined to ruin the Short Sale industry. I say this with complete frustration after doing short sales with them for over 5 years. I’ll have a great negotiator and experience with one and then the next crashes and burns because NOBODY at Bank of America seems to know what’s going on! Good Grief..how about some consistency???
This one particular Short Sale has been going on for almost a year! It is the longest one I have ever worked..except in year 1 where literally nobody at the Lender or Investor or even Realtor level had any guidelines in place. But that’s another story. Listed at $1,050,000 with one note and it is a primary residence. No offers or interest at that price so reductions begin. Finally..at $850,000 I get an offer and submit it. Appraisal comes back at $980,000! What??? Buyer walks of course.
Buyer 2: Same experience..except that the value is dropping even more.
Buyer 3: B of A accepts $865,000 complete with Approval Letter for a March, 2012 close (this month). Buyer walks because their Lender will not appraise the home at $865,000 but rather at $825,000. B of A won’t budge.
Buyer 4: B of A orders a new appraisal (Forget the 48 hr. Buyer substitution..it does not exist). I am SURE we will get this offer closed..but wait. The new “full appraisal” comes in at $1,050,000! Oh..and the appraiser never contacted me and I believe never even went to the home.
Buyer will be walking. I am going to the Investor to see if I can get them to budge. Have asked Buyers Lender to submit a new appraisal. Have asked Buyer to contact B of A and threaten with Legal Action.
What kind of idiocy is this??? For some mysterious reason known only to the powers that be at B of A, this loan is going to go to Foreclosure. They have decided that..never mind “we are trying to reduce the inventory by closing Short Sales quicker..” That’s a marketing line from B of A.
The Banks do NOT care about the economy other than keeping their shareholders in the dark and driving housing prices further into oblivion.