So we started a short sale without an offer. Originally Countrywide loan - now BofA as servicer and investor. File was assigned to AMS. Listed it at Market Value a few months ago and got several offers. AMS would not accept any of the offers (all cash) because they were too high - and needed to be $50,000 lower. - OKAAAAAAY,,,, we reduced the price in the MLS and counter offered everyone at the AMS list price - of course we got all of the offers back again at the new "List" price (again all cash). Seller accepted the one with the highest Deposit and fastest close time. So we go along for a few weeks and BofA approves as HAFA $3,000 plus "HIN" of almost $10,000 for a total "Relocation" of almost $13,000. This property was seller's 2nd home (included on all documentation and in all conversations), Payments were never late, no past due HOA issues, no past due taxes, etc.
I just closed it and I'm still confused as to why BofA would force the price to be significantly lower than Market - AND - pay the seller $13,000
Needless-to-say the neighbors are ticked-off at the low value, the seller is happy as heck and the Buyer / new owner is very happy as well.
What am I missing???? and how do I find more short sales with this profile ?
Tags:
" and how do I find more short sales with this profile ?" GOOD QUESTION!
That's crazy! I have a similar situation, closed one where the bank gave a very wealthy individual $30,000 incentive and they accepted a low price as well. It's such as shame too as I have done short sales for people who truly are in financial hardships, don't have a penny to spare and they "dont qualfy". Anyway I dont have any answers to your question, but congrats on closing!
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.