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Answers (4)
- Sharon Sanchez, "Ace Short Sale"
- Contributions:10
You're right this is not an isolated incident. I had a similar transaction last month. Still in disbelief.
- Robert Murray, "Robert D Murray"
- Contributions:42
I have closed many short sales with B of A. Usually the problem in a situation such as yours is that the contracted price is lower than B of A's appraisal/bpo. When you contract with a seller on a short sale "everything" is subject to lenders approval. They must feel that the offer is low even though it is over asking price. Asking price means little to them. Either the appraisal on their end came in to high or the offer is to below market price. They will usually sell for less than market, but there is a limit. Further, even though B of A is the lender, they may not be the end investor and each one has different criteria for the net they require. It could be a Fannie Mae owned loan for example. I hope that helps!
- Ray Blindauer, "SigmaWealth"
- Contributions:246
This is not an isolated incident. I believe if they would hire more people to handle their current volume and pay them enough to care, things like this wouldn't happen.
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Because they hire green and cheap staff.
Why would B of A screw good offers up on a S.S? ALL CASH, $5,000.00 over L.P."internal error admited
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