BofA Short Sale Approved, but appraisal came lower than approved amount.
Short Sale House - my agent is also listing agent. ---
August 2012- offer submitted at 230k (and pay 3% closing costs)
October 2012 bofa countered at 235k (and pay 3% closing costs)
October 2012 I accepted their offer
October 31st got the Short Sale approval letter from BofA.....GREAT NEWS
Started Loan process with my lender WELLS FARGO
December 7th got the Appraisal REPORT at 207K .. which threw everything off
My agent sent the Price Reduction addendum, APPRAISAL REPORT and new HUD1 to BofA to ADJUST THE PRICE TO MEET THE APPRAISAL.. But two weeks later he found out that BofA declined our offer without countering us or anything..... PISSED ME OFF
The house was suppose to go on Auction on December 26th but my agent requested bofa to postpone it.
So for now the auction is postponed. and my agent submitted another offer for 207K again to BofA.
He said BofA will do another BPO and will either accept the offer or counter it..
SO THE MILLION DOLLAR QUESTION IS: "HOW LONG DOES IT TAKE BOFA TO PROCESS NEW OFFER, WILL IT TAKE LESSER TIME THAN PREVIOUS OFFER ? WHAT ARE THE CHANCES THAT BOFA WILL ACCEPT MY 207K OFFER?
Replies to This Discussion
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Permalink Reply by Moe on
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No, Appraisal with Wells Fargo only took 7 days. I received the SS Approval on October 31st and December 7th I got appraisal report.
Which lender do you recommend? And the fact that they previously approved the SS will not reduce the waiting game?
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Definitely research another lender. The worst that could happen is that you have two different lenders that won't appraise the home for the value BOA needs. It's good supporting documentation for a reduction. I have never had a short sale that wouldn't appraise so there is something wrong. What do the tax records state the market value is?
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