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I have requested in writting the bank desicion for a Short sale

I requested to my agent, something to prove that the bank wants 30K more of what we offered for a short sale home. She requested as well to the listing agent and he said no. How to know this is all true or they just want us to back up on this negotiation. Our lawer advised us not to make any desicion or accept until the owner's lawer gets back to him. Banks can provide in writting this desicion?

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May 21 2011 - US
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I have assisted many homeowners and buyers with short Sale in the San Francisco Bay Area- San Mateo County, Santa Clara, etc. usually the banks do not send counters to short sales in writing. They send email or tell the agent who is negotiating the short sale about the counter offer. The Banks only send written  approval when they  approved the short sale. If the buyer does not agree to the counter from the bank just send a counter to the counter offer. It could be helpful it the buyer's agent send to the bank 3 active and 3 most recent sold properties in the neighborhood to justify offer price.   Good luck with that short sale!
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May 21 2011
I've helped many homeowners short sale their homes and have represented buyers as well on the opposite side. I haven't seen where the lender will give a response to the buyer in writing. It's all verbal through the listing agent. Bank of America is the only bank that I've seen that will give something on paper (not legal) that the listing agent may or may not choose to show you. Also, you have to think, why would the listing agent lie? The listing agent wants the sale to close=payday. So if anything I really don't think he's lying about the bank wanting more. Plus the homeowner can't make anything on the sale. So it's not like the agent is trying to get money for the homeowner. Another possibilty could also be a second loan or a lien that needs to be satisfied. Then the bank would want to cover that. There are so many factors. Whatever your decision maybe, I wish you the best. 
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May 21 2011
The bank will provide nothing in writing. Unless they accept an offer - then they will provide their documents on their timeline.
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May 21 2011
Many times the negotiator for the bank will do it verbally until they come to an agreement on price. Then will send the approval letter out. Also, there may be additional expenses that the primary lender may not allowing for. Like second liens, hoa fees, etc.. These items can killing the deal. Shortsales are a unique transation and normal rules do not apply. Be flexible, but also consider the actual value. Shortsales are not always the best deal. Good luck
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May 21 2011
You clearly do not understand Short Sales.  Just because you made an offer to purchase a home does not mean that the bank must approve it.

The bank is approving the Sellers debt relief.  The sale of the home is how the Seller is proposing to the bank that they pay their debt.  The bank does not want more from you, they want more from the Seller.  Unfortunately, the Seller is declaring to the bank that they are insolvent, so they are passing their debt to you.

The important thing you need to know is "What is the market value of the home?"  You see the bank wants the Seller to only accept market value, not just "any ole offer".
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May 21 2011
Did you know that currently with BOA short sales they are now reviewed in India before they are generated back to the U.S.?  It is such a daunting task and they don't have to provide any documentation whatsoever.



The bank is the boss, unfortunately.  If you really want the house, resubmit.
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May 21 2011
 
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