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vacant land

Has anyone ever seen B of A NOT pursue a deficiency on a vacant lot short sale? Here in AZ homes are protected but not land.

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Replies to This Discussion

Permalink Reply by Sam Fellig on January 4, 2011 at 12:24pm

I am also working on a short sale for a vacant lot. The bank cancelled the appraisal because they weren't sure how to valuate vacant land. How did you get past the valuation?

 

Thanks for the tip!

Permalink Reply by Karyl Moore on January 4, 2011 at 5:52pm

 

The two lots that I succeeded with a short sale on were in a large planned community with many comps, including many foreclosed lots.  Perhaps yours doesn't have many comps?  The lender was M & I.  Many lenders tell you up front they will not waive the deficiency on land so sometimes that means it's better for the Seller to either keep it or let it foreclose. Of course,  I'm not qualified to give legal advice. :-)

 

Sam Fellig said:

I am also working on a short sale for a vacant lot. The bank cancelled the appraisal because they weren't sure how to valuate vacant land. How did you get past the valuation?

 

Thanks for the tip!

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