I have a new listing with Bof A and was pleasently suprised that a customer service rep called me within 24 hours of submitting 3rd party auth. They said that my seller's home would be an approved short sale if we agreed to participate in their coopertaive short sale program. We agreed since it seemed as if B of A was finally interested in helping distressed property owners move on from these terribly bad loans. Anyhow to make a long story short, the home is in bad shape. It has 5K worth of termite damage, two illegal additions and small mold issue. I received a low offer on the property from an investor and submitted it to the lender. Denied. How can I make the bank see the problems that the home has. An appraisser has already been to the property but I wonder if the lender is incorporating the illegal additions into the value. Someone please help!!!
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I have a B of A cooperative SS. We now have knowledge of septic repairs.. However when I talked to rep at B of A, he told me a bottom line number they would accept and would not reduce their number even though at the time they did not have knowledge of the repairs needed. He said the only way he would consider a lower price is if either I or the seller paid for a Fannie Mae appraisal and it proved a lower value. Seller has no money. I don't particularly want to put out $400 on an if come.
Agree with Wendy..but have issues with B of A COOP program and their over-valuations. They use up valuable list days because of their high numbers.
Herb - Provide the termite report, two estimates for termite repairs, mold report, estimates for repairs, and evidence that the additions will need to be addressed to get them approved by the municipality.