Here one for everyone ,we have a 66 arce parcal 2 miles off the grid ,and over half of the land is rock ,no power(solar only) ,and a naurtal spring is the source of water, was listed at 75,000 ,got a offer for 60,000 BOA investor counters us at 150,000 almost 3 times the value. Had a formal appraisal done came in at 60,000. the investor refuses to come down to the value. The seller has been to medititon once already ,and the bank clearly has no paperwrok for the land or the note ,but yet cash offer in front of them they refuse to deal.
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Thanks it's one of those fight to the end deals, this one is more about the client now. How the banks would hold onto a property they might never sell Lucky we got a offer at all
Haa...I would send them the new EATON ruling. they cannot foreclose if they don't own the note and mortgage. They don't have to hold it physically but they must have rights to both. If they have already stated they don't they cannot foreclose. I would send them the new ruling and then send your offer RIGHT BACK IN.
John. It's unfortunate but some short sales just won't happen. This may be one of them. I'd place it back on the market at $150,000 then slowly start reducing again until you find another buyer. By that time the investors valuation would have expired so you can submit again and give it another shot.