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Note to short sale lenders: 1,000’s of Realtors are trying to help you. Please let us help.
The actual short sale drama below is just one of tens of thousands playing out right now. We can help lenders mitigate their losses. Lenders: Please help us help you.
Case in point:
Bank of America has stopped considering back taxes as an allowable closing cost.
We’ve been working on a fixer upper short sale for more than a year.
Must have had 40+ agents walk through. Had about 10 different buyers submit offers ranging in the $80,000 to $115,000 range. Had it under contract 4 different times. BOA counter-offered the first 3 buyers into oblivion. Current buyer hanging on by a thread. Met 6 BPO agents or full blown appraisers at the house. Not a typo! SIX different appraisers were sent. One BPO agent sent in a value of $150,000, which is $35,000 higher than the highest offer we got, or 30% to 45% higher than 10 different buyers were willing to pay. During the delays, the $8,000 tax credit expired which caused values to decline again.
Now that BOA dragged their feet for a year and blew off good buyers, there are $2,000 of unpaid property taxes.
BOA is unwilling to pay the back taxes. “Not an allowable closing ... more

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