HIGHEST OFFER IS NOT BEST!
I truly do believe that as I've seen it in action and unfortunately didn't take my own advice. I had two offers on a BOA short sale. One for $315,000 and BOA said no, closed the file and said they wanted $400,000. The property is maybe worth about $320,000. The only comps in the $400,000 range are NEW condos out of the same building so someone didn't take that into consideration as my Ss is the first RESALE out of the building. The second offer I got was $300,000 CASH. I figured ...what the heck, let's try. Well, behold, I got notification today from a negotiator they were canceling the Trustee sale scheduled for Monday and pushing the short sale forward.
Now, I'm a pesimist when it comes to BOA so I'm SURE they will counter at some totally unrealistic price, but hey, at least we got the auction stopped again. Who knows? maybe we can work this one through!
Replies to This Discussion
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Permalink Reply by Jim Hale on
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I believe it is possible that foreclosure is looking less and less favorable to BofA because of court challenges being upheld by more and more judges in more and more places.
The local press here in Oregon recently reported on hundreds (at a minimum) of BofA foreclosures being squashed by court order because inadequate paper trails for ownership of notes.
There had been a lot of strange behavior over the last year or more - exhibited by way of sitting on delinquent loans. But this was the first reporting of the possible reason why here in this state.
(Additionally, some title companies are balking at insuring new loans for fear of note ownership problems.)
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Permalink Reply by Aida Gonzalez on
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I'm totally convinced that all short sales negotiation process and results depends only on the negotiatior. If he/she is a good one, cooperative and with interest, the file will close
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