I had property listed with no offers and when GMAC asked why there had been no offers I sent them a CMA report showing value being lower then list price. They gave written advise for pricing, we reduced list price accordingly and received an offer which we submitted for short sale approval. GMAC submitted the offer to their investor and MI company and they both rejected asking for $25,000.00 more in sales price. They obtained a BPO from an out of area agent not familiar with this area. The buyer has agreed, counter has been signed and GMAC is refusing to consider a short sale and has advised the seller to request for loan modification. The Buyer has agreed to the price increase, the seller needs to sell under short sale guidelines and the terms were again set by GMAC, where do we go from here, how can we motivate GMAC to proceed with the short sale?
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Did they give you a reason why they are denying the short sale?
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