Short Sale of Property lacking Building Permits - Poor Condition

Any thoughts on how to deal with B of A - Servicer and Wells Fargo - Investor on a Short Sale are appreciated. I am Listing Agent for a Home and guest home built in the 50's without permit - now in pretty bad condition.  Main home can be saved at considerable cost.  To top it off, I am told the driveway crosses property without a legal easement.  I had a Cooperative Short Sale going with AMS.  They ordered appraisals twice.  Appraisers went through the homes and property. After they reported back the lack of building permits, the appraisals were cancelled.  I finally talked to someone up the ranks at AMS to discuss the problem.  They declined the Coop SS and sent me back to BOA.  BOA says qualifies for HAFA SS, so I have initiated with VERY low offer.

How do I get up the chain quickly to get someone to override the auto cancel of appraisals, and actually negotiate with Buyer I found?  He can only afford a fixer so is willing to take on this mess.  He has been waiting for an answer since March, watching the market prices and interest rates climb.  We both have put in enormous amounts of time to determine all the problems and obtain estimates to fix them.  Offer is 48K - AMS made me put it on the market for 478,300 based on a market analysis of homes in a new, high end neighborhood nearby.  I told them on day one, NOT to just use a BPO or CMA because of all the problems with the property.  They didn't listen.    Obviously there have been no serious inquiries - only a few scammers.

Buyers have serious health problems, don't deserve to be Foreclosed on.   They want to SS.   I just have to get BOA to work with me on the issues and WF to take what they can get.   Buyer may come up some, but he can't get upside down in it either.


Views: 184

Reply to This

Replies to This Discussion

If short sale will not work and you just really want to help the owners out, you should suggest they try a Deed in Lieu.  Also, contrary to what is widely circulated, a short sale for less than amount owed, a foreclosure for less than amount owed or a Deed in Lieu for less than amount owed all affect credit scores THE SAME.  What is different is that the amount of years after a short sale before you can get a new mortgage is less than the amount of time you have to wait after a foreclosure.



© 2022   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************