I just wanted to say thanks for those that created and have kept this site running. A big thank you also to those whom are experienced in this complex and ever changing process that share their wisdom and knowledge. It has been a huge help as a refuge as I am also in the middle of a BoA short sale.
I started the short sale process March 4th by offering the listing price on the home. On May 4th, I received notice that BoA has approved the offer and is waiting on documents from the seller so the file can be given to the investor. I also had to sign an addendum saying- I would close within 45 days of the approval for the specified amount. I just have a couple of questions:
1. Is it likely that the investor will counter?
2. With those that have experience: what has been the outcome in your particular circumstances; does the investor usually counter or usually accept?
Thank you in advance.
Walter
**********************************
like buttons
Replies
Walter - If the file is going to the investor, the price will probably be approved. Bank of America does not normally send files to the investor unless the price (and closing costs) are within the investor's guidelines. That being said, the investor may have terms for the seller to participate in the loss via cash contribution or promissory note. If that's the case, it will have to be negotiated or accepted by the seller. Good luck! Also, thank you for your compliments about the site.
Thank you Wendy. That is encouraging news.