Short Sale Closed for Non-Compliance(?) - Is There a Way to Avoid Starting All Over?
I have had a BofA short sale submitted since August. During that time, the values fell over $100,000. The appraisal came back $81,000 less than the offer, but the buyer felt the value was lower still. He was probably right.
BofA says the investor will not take any less than the fair market value, and closed the whole short sale when the buyer wouldn't come up to the appraiser's value. The buyer is willing to come up some to what appears to be pretty fair, and is only 6% under the appraised value.
I have been informed the short sale was closed for non-compliance, and I must start all over again.
Does anybody have any recommendations for short circuiting this process?
BofA says the investor will not take any less than the fair market value, and closed the whole short sale when the buyer wouldn't come up to the appraiser's value. The buyer is willing to come up some to what appears to be pretty fair, and is only 6% under the appraised value.
I have been informed the short sale was closed for non-compliance, and I must start all over again.
Does anybody have any recommendations for short circuiting this process?
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Christine - They did differentiate between "non-compliance" and "insufficient"? Truth is, some investors want appraised value! Send in a BPO. Call your local BOFA Branch Manager for an escalation if the buyer won't come up. Last option: wait a month or more, until they get a new value.
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Permalink Reply by Darla Maddalone on
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Christine, I just had a BofA short sale "cancelled" because the Bank said the price was too low. BUT...they will not tell me what the property appraised for or what price BofA finds acceptable. Last summer they had no problem telling me what the appraised price was and what an acceptable offer would be. Of course, that first sale fell out because the Buyer got tired of waiting. Now, on this 2nd sale, the price is within the parameters of the first appraisal. Of course a new appraisal was done the end of Dec....but prices are still going down, not up in this area. So confusion abounds and we're coming up on the foreclosure sale date.
It'g ugly out there for sure. -
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Hi Christine, I have an update from my previous post. Seems we're in similar situations. I finally was able to speak with the negotiator and similar to your case, the sale was "cancelled" because the offer was too low. I found out the new FMV BofA wants is 7k higher than the appraisal from last summer! Of course that's crazy, our values have gone down, not up. They wouldn't tell me the new appraised value, just that they want FMV ...Period!
BofA also said the whole process does not have to start over. A new offer can be resubmitted to the same negotiator for consideration. Now, for the transaction I'm working on, we're way far away from offered price vs. BofA and their FMV. But maybe for you - you're close enough and it will be considered and approved.
Hope it works for you. -
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