I'm an end buyer that's been thru the wringer like most buyers of B of A short sales. It's been 6 1/2 months now. We started the old way, then Equator, then Titanium (Freddie Mac), and now back to Equator. I got a lot of good info off this site and helped the listing agent get some movement awhile ago. I told him to do the OCC complaint trick and he got some calls from management. Then nothing happened for a week or so, so I filed an OCC and BBB complaint myself. I hear they didn't like that but the way I see it is we're ALL pissed off now so maybe something will get done.
I'm a first-time homebuyer in California and so I want bank approval before April 30th because anyone expecting to get that money with just a short sale after that date is taking a big chance. I will be putting a contract on at least one REO shortly as insurance.
Anyway, I offered $240k back in Sept 09 and they came back with the second BPO today of $295k. In the area I live in there hasn't been a house that sold for over that in over a year and it was a new house. In fact, the county I live in is the 14th worst in the whole country economically speaking. The listing agent was also upset with the BPO and told B of A to do another one but they are refusing. There are 2 liens: 1st (B of A) for $284K and 2nd (Citi) for $100k. Since unfortunately they know I'm a first-time homebuyer they may be just trying to see if they can get the $8k from me.
I was talking to my mortgage broker and he suggested that I do an FHA appraisal for 2 reasons. The first being something I can counter with and the second reason is that it locks the house in at that price for all FHA buyers. So in otherwords, once I disclose the FHA appraisal amount the bank is not going to get any more than the appraisal amount as long as it's an FHA loan.
Either the bank has decided that I'm not getting this house or it may be one of those houses that will make the investors more money as a foreclosure. I already talked off the record with an FHA appraiser in the area and he said my price of $240k was inline with the comps.
I'll suggest to the listing agent to contact some of the B of A execs he talked to a few weeks ago.
Any other ideas would be greatly appreciated.
Thanks,
Tim
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