Seller refuses to fill out financial information

I just picked up a property that is going to auction in 90 days. Bank of America holds the mortgage.  I have a buyer who is interested in this home.  The property was listed but is off the market.  I contacted the seller about the possibility of doing a short sale on the property and that I have a buyer.  I sent him a package of forms to get this going so I can talk to the bank and that I have the package put together.  I sent him the forms to fill out and I get this response:

"I never agreed to fill out a financial worksheet, submit personal financial documents, or tax returns. And I have no intention of ever submitting such personal documents. This is not negotiable. At the end of the day, Bank of America will do what is best for them - and a short sale trumps an auction."

Do we have a chance in getting this done?

Views: 641

Replies to This Discussion

Permalink Reply by Mike Sher on February 17, 2011 at 4:09am
Jeanette,  not waste of time at all. Any question is a good one and of a member feels that it is not worth their time they don't have to respond.
Permalink Reply by The Negotiator on February 17, 2011 at 4:37am
Go around the short sale and if your buyer is a cash buyer then try and buy him the note. Otherwise, the auction will probably not be successful because BOA "typically" max bids the entire amount of the loan balance.
Permalink Reply by The Negotiator on February 17, 2011 at 4:47am
Mike, please go back and read what I said. If you are going to comment about me then please get your facts right.

Mike Sher said:
Jeanette,  not waste of time at all. Any question is a good one and of a member feels that it is not worth their time they don't have to respond.
Permalink Reply by TG on August 17, 2011 at 4:08pm

Seller knows what they are doing.  All they want to do is walk away, and they don't care if it's a short sale or forclosure.  They aren't trying to be uncooperative, they just know that the bank is interested in getting their financial info, because once they do, they have more info to decide what's in their best interest to get as much out of him as possible.  It may be the case that they were going to do a non-Judicial FC on him as he gave them no info to go on, then they act like they will entertain a short sale, get his financials, and realize they'd rather pursue judgement.  In a 'non-recourse' state like WA that would definitely be a smart move, since they still can do a judicial FC..not sure how that's non-recourse but I guess that's just the way it is. 

 

Not sure about in a recourse state, it's probably more likely they'd go after the judicial FC in the first place, but who knows.  After everything I've read about these situations, I wouldn't give my financial info either if I was him.

Permalink Reply by TG on August 17, 2011 at 7:30pm
He actually was calling the shots there.  Sounds exactly like he was doing a strategic default.  Depending on his timeline, his personal assets, and the terms he would be willing to negotiate the short sale based on (and what he thinks the chances are of his lender agreeing to them), his call probably puts him (or more accurately- 'leaves him') right where he wants to be.  

Joanna Durrant said:
At the end of the day, a short sale trumps an auction for the SELLER. He needs to realize he is not calling the shots and will be the one with a foreclosure on his record.  The clock is ticking. It's up to him. If he'd like some help, then you're there.

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