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BBandT short sale, BadBadandTerrible :)

Posted by Jeff Payne on September 10, 2009 at 10:09am in Short Sale Discussions
I have been working on a BBandT short sale for quite some time. Had a buyer, he walked, put it back in the market, buyer walked again. Finally get a counter offer for $350,000. Buyer said NO and we found another buyer. I get a new negotiator who is BRAND NEW at this. New buyer says yes to the $350,000 and agrees to BBandT's terms from the previous counter offer. BBandT then counters again at $448,000 and wants the seller to sign a 200,000 promissory note. HUH? We got the exact house across the street with BBandT approved at $300,000, no promissory note. BBandT OWNS the same house down the street, it has been on the market for 9 months at $374,900. they want $448,000??X&^%&* Long story short, I put together what I thought was a good case for accepting $350,000 and they APPROVED it!

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Tags: bbandt, sales, short
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  • Jeff Payne September 11, 2009 at 3:31am
    Yes you do know thost houses. The white house across the street, I got it approved and the sellers decided that they would rather let BBandT foreclose. We got an approval with no promissory note or seller contribution but BBandT refused to waive their right to a deficiency. The sellers attorney from your area told them that they would be better of to let them foreclose. Funny part is that we had a conference call with BBandT and the attorney and BBandT told the attorney... We will not waive our right to a deficiency with a short sale and to keep in mind that they "most likely" will not pursue the deficiency BUT if they foreclose, they guaranteed that they would pursue the deficiency and would attach the deficiency to the sellers.
    the only person that will make money on this deal is the attorney :)
  • Wendy Rulnick September 10, 2009 at 11:52am
    Hmmm, I might know the houses? :) Good for you,Jeff, you are GOOD!!!
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