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Same thing happened to me on my GMAC Short Sale, Had an offer of 315,000 and they would not accept any less than 340,000. The contract died, I changed the listing in MLS to 340,000 and here it sits. No lookers, no offers. I think it has to do with the investors. There has been no letter of foreclosure to my Sellers, so there seems to be a money issue somewhere. i personally don't know what the process is for investors to ok a foreclosure. If anyone does, enlighten me. I was told the investors had to come up with money??? I don't understand that.
Just curious on this one, did you get a foreclosure notice?
Brigitte Powell said:Same thing happened to me on my GMAC Short Sale, Had an offer of 315,000 and they would not accept any less than 340,000. The contract died, I changed the listing in MLS to 340,000 and here it sits. No lookers, no offers. I think it has to do with the investors. There has been no letter of foreclosure to my Sellers, so there seems to be a money issue somewhere. i personally don't know what the process is for investors to ok a foreclosure. If anyone does, enlighten me. I was told the investors had to come up with money??? I don't understand that.
Just curious on this one, did you get a foreclosure notice?
Your agent needs to escalate the issue to upper management. All of the comments here are correct. BoA relies on opinions of value (BPO) that are only as good as the agent doing them. It should take 2 to 3 hours to do a BPO unless there are abundant comparable sales to look for the best comparable sales to use. There are agents doing 10 or MORE of these a day, so the other agent is correct -- many times the valuation is not thoughtful or correct.
The problem is that BoA WANTS the higher BPO's because they are trying to get as much return as possible. Your agent needs to prove that showings have virtually stopped since the price increase. If your market is still declining, she needs to present that as well.
Also, I wonder what would happen on a pre-approved short sale, if you still have control of the listing? Ordinarily, the agent could start reducing the price on the MLS by $10,000 every two weeks until you start getting showings and another offer. I have not seen a BoA pre-approved short sale form -- is the listing agreement between the agent and the bank, or between you and the agent? That is crux of the matter. If you have control of the listing and the pre-approved offer does not take that away from you, you and your agent can create a paper trail of price reductions to support a lower offer.
If the agent is not a broker, have her take the matter to her broker for some ideas? Good luck. It is frustrating to deal with BoA for certain...
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