I just picked up a property that is going to auction in 90 days. Bank of America holds the mortgage. I have a buyer who is interested in this home. The property was listed but is off the market. I contacted the seller about the possibility of doing a short sale on the property and that I have a buyer. I sent him a package of forms to get this going so I can talk to the bank and that I have the package put together. I sent him the forms to fill out and I get this response:
"I never agreed to fill out a financial worksheet, submit personal financial documents, or tax returns. And I have no intention of ever submitting such personal documents. This is not negotiable. At the end of the day, Bank of America will do what is best for them - and a short sale trumps an auction."
Do we have a chance in getting this done?
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Jeanette,
The seller needs to know that BOA is most likely representing another institution, like fnma, freddie or etc. NO servicer would take the chance of approving a short sale unless they do their due diligence. When the borrower says that BOA will do what is in the best interest of BOA, he is right. So if your home owner loan is in a recourse state like most of us, BOA will consider the borrowers unwillingness to supply financial info as if he is hiding something. Which then makes him a most likely collectible. So they will not approve the short sale. They will foreclose and then pursue the deficiency for the next 7 years. The servicer would never put their neck out and approve a short sale with out all of the facts. I would give the seller the same of a attorney and walk away if he will not cooperate.
Probably not and if your buyer can wait- sign yourself up as the buyer's agent for the auction- help them through the process and get a commission. Research the auction process- some are sold singly and some are packaged off.
This seller is not motivated, maybe never was.
Not a chance and I don't really see why you would want to waste time on this one. Just politely move on to a motivated seller.
100% agreed. You also just wasted 15 minutes of your time asking us. What did your gut tell you? :)
Jeff Payne said:Not a chance and I don't really see why you would want to waste time on this one. Just politely move on to a motivated seller.
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