Do or Die - 6th Buyer for BOA short Sale & Auction set for April 16th

Just got ANOTHER deal on my BOA Short sale and all paperwork was submitted yesterday.. This is our 6th time around on this property.(we did get a few approvals but buyers walked just prior and  had to start over again.) This last time around, BOA amazingly approved the deal in a month and closing was set for March 22nd, but the buyers then exercised right to home inspection and backed out. There is about $5000- $10,000 of repairs needed. The new buyers made an offer $10.000 lower than the one that was accepted prior. I sent a letter of explanation with the offer & a copy of inspection report. Do you think BOA will care? Do you think we have a chance? What else should myself & my wonderful title company be doing?  AUCTION IS SET FOR APRIL 16TH!!  HELP!

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Karen, I just had this issue with a GMAC deal and they agreed to escrow the money for repairs. It was only $1,500 but still they were agreeable.

I'm also in the process of negotiating a $25,000 price reduction due to inspection issues on a BofA deal.

My suggestion would be to get 2 estimates for repairs and send those in with the inspection report. The inspection report alone will not do the trick.
Bryant -Thanks for the tip!
You should also be able to ask for the foreclosure to be postponed. The negotiators are somewhat flexible but I think it also depends on the BPO values. I doubt you'll be able to get them to tell you what the BPO came in at.

I deal with a negotiator last year on a case where the buyer walked away, we had a offer at $220K but it took almost 6 months to get the approval. I told the negotiator that the buyer walked and he said to try and get another buyer, I told him that the market was declining so fast that another offer could be for much less. He told me that if an offer came in close to $205 with 3% in help max he could approve it.So I listed it at $205K.

We got an offer for $200K with 3% in help and it was approved. This was before everything went into Equator though, and you actually were able to speak to a negotiator. On Equator I've yet to speak with a negotiator, their voice mails are always full and they hardly ever respond to emails.

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