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Short Sale Problems continue

By
Real Estate Agent with Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team 93383

Short Sale Problems..

Have a property that has been under contract since May as a short sale for $285,000. 

 Offer came in at $280,000 and through months of negotiating was accepted by Bank of America.  (They did an appraisal and it came in at $280,000.

 Now that everything has been negotiated and accepted...the buyer's bank had an appraisal done and it came in at $250,000. 

We are at a stalemate with no place to go...

I think we have lost this one.  Maybe next time

Ginger of Southport

 

Show All Comments
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Ginger - Option 1: If the buyer REALLY likes the home, they could wait 60-90 days and resubmit their offer.  BOFA will order a new valuation by then.  At that point, your list price will probably be lower, BOFA's value will be lower, and the buyer's lender's value will agree.  Option 2: It's easier to challenge the buyer's lender's appraisal than BOFA's.

Jan 03, 2011 11:51 AM
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