So this "saga" started in January 2010. This was a BofA 1st and an SLS 2nd. I could write a novel on this one but I won't. Here are the highlights;
1/2010 listed at $499K (Seller adjusted price down to $385K during the listing)
3/2010 Offer #1 $430K - BofA counter at $502K - Buyer walked
6/2010 Offer #2 $400K - BofA counter at $602K - Buyer walked
9/2010 Offer #3 $390K - BofA counter at $625K - Buyer walked
1/2011 Offer #4 at $360K - BofA counter at $430K - Buyer walked
2/2011 Offer #5 at $360K - BofA counter at $440K - Buyer walked
6/2011 Offer #6 at $355K - BofA issues "Declined, Offer too Low" - Buyer walked
9/2011 Offer #7 $413K - BofA issues "Declined, Offer too Low" - Buyer walked
11/2011 Offer #8 $375K - BofA issues "Declined, Offer too Low" - Buyer walked
12/2011 Offer #9 $385K - BofA counters at $395K - Inspections Fail - Buyer walked
03/2012 Offer #10 $385K - Offer accepted and approval letter issued - SLS wants $9,000 more than BofA will provide - they will not waiver - Buyer will not pay the extra $ and the property failed multiple inspections - Buyer walks.
05/2012 Offer #11 $335K - Offer accepted - same issue with SLS, Buyer pays $9,000 to SLS on the HUD.
08/1/2012 Transaction closed
So, after 926 days, 11 offers, 10 Buyers walking away, BofA finally closed on an offer that was 22% lower than the orginal offer of 2.5 years ago and 22% lower than their lowest counter of 1.5 years ago! BofA has had to pay taxes and City Fines for "lack of upkeep" during this time. BTW, the property was vacated 2+ years ago with no utilities the entire time. This property also failed inspections
Although I love working with BofA, I just don't get the logic on this one.
And, SLS was not the easiest people to work with.
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Wow, amazing!!!! You gave it your all from what I see. I don't get the fact that now it will sell for far less at trustee sale, what a joke...I had a similar situation in 2006 on a property that was a cash offer 265k with a dispute over sf and proof from the city the tax record was wrong, offer adjustsed to 235k and the lender said "No" and after that it sat empty for almost 4-5 years and finally sold for 45k! I feel your pain.
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