Help! BOA really shot themselves in the foot for this one..

Long story short, we been dealing with a short sale since January 25th and were good to close by May 28th until we stumbled across a roadblock. Our appraisal came back 50K less than the purchase price (553K- at the time our offer was considered high). We escalated our file and then learned that they decline to adjust the price for us today. What is frustrating is that BOA was involved with the existing sellers loan, our current loan application and they are the ones who conducted the appraisal. Makes me sick to my stomach knowing that BOA will not adjust the price due to their short fall. What can we do at this point? Are we allowed to ordered another BPO and fight it? At the time, there were comps that supported the BPO which was why BOA approved in the first place!! And with the appraisal, due to declining market now- there was comps to also support why the appraisal came in lower than purchase price. I just don't get it. Can we resubmit the file and do over?? or keep re-negotiating until everything expires? Please help...

Replies

Bryant Tutas June 3, 2010 at 12:51am

Yes you have to fight it. I have had this happen several times with BofA on all sides of the transaction. In fact I have one right now. If yo haven't be sure to send them the appraisal. Usually this is all that's needed. Just keep pushing the issue. If that doesn't work then resubmit the deal.

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