Sometimes we end up with a short sale listing that just will not sell no matter how hard you try. I have one that has been listed for 940 days! I spent over a year with Bank of America trying to get it approved as an FHA short sale. Before we got the approval it was serviced released to Bayview Financial.
They seemed to be easy to work with and I had high hopes. I resubmitted the short sale package and then the trouble began. In less than two months according to the BPO done by Bayview the property had increased in value of over $40K. None of the BPO's were interior BPO's since the condition of the listing has always been the problem. Everything was original and in poor condition. Carpeting needed total replacement, painting was horrible and needed to be redone, kitchen cabinets, tile, lighting, bathrooms, etc. all needed to be replaced. The place had delayed maintenance and poor housekeeping before the owners left - vacant it was a sorry site.
So when I got the news that prices were going up and the investor wanted to net more than the home was listed at I really considered it a dead deal. I listed it for $55K over the last price and despite having some showings due to limited inventory there were no offers.
I basically had given myself 60 days to get an offer or let the listing expire. But then to my surprise, I received a call from the negotiator telling me that the investor was ready to move on the short sale and if it would be possible to get the original offer back.
I made some calls and got the buyer back, got 2nd liens negotiated and submitted the package. With high hopes I thought I would get this short sale done and over with finally!
So when I saw the email this mornign I was expecting a short sale approval. Talk about being wrong! The negotiator emailed to tell me that the investor wanted the same net as before! They wanted to net more than the actual offer that was submitted. They had another BPO done that justified their price.
Surprise, Surprise! Funny that my access logs show no one in the unit for over a month and a half. So a drive by BPO was done and the BPO was based on that. Considering that these are single family homes that are in a condo like association the outside all look the same.
So why make me go through all the extra work? Why dangle the proverbial carrot that they would accept the previous net? Is there a new game that servicers are playing with realtors, buyers and homeowners? I guess the servicers need to prove to the investors that they are doing something to earn their fees. The longer they keep the file open the more fees that they continue to get.
At least I know I have done everything possible but it sure does not make up for all the lost time myself, the seller's attorney and the buyer went through.
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