i am representing a buyer in a short sale where the 1st is held by BofA. BofA told the sellers to put together a short sale. After five weeks BofA approved our short sale but made the debt recourse in the short sale agreement when it was a non-recourse note to begin with. of course the seller's attorney told them not to sign the agreement. the negotiator told the seller's agent that if they don't agree to this the deal is dead. why would a seller agree to a short sale in this situation? we're in California a non-recourse state. they can just let the property be foreclosed upon and be better off. so now the property will go into foreclosure and cost the bank another 50K plus. my buyers offer came in at value. it's a very good offer. does anyone have any suggestions/ideas? any similar experience dealing with BofA. According to the seller's agent she just negotiated another short sale deal with BofA and their agreement included full settlement language. Nightmare!
There is a lot of interesting things happening right now. Not much of it makes sense. I can't wait until we can get past all of these-Dinah Lee
No ideas to share, sorry. This just seems to be the state of affairs and Realtors don't control the banks. I think I'm glad of that!
I am in New york and am unfamiliar with recourse and non-recourse. Can to explain what you mean? I do 1-3 short sales a month on the listing side and might be able to offer some insight if I understand the question.
There are times when banks do not make logical decisions. Who really pays for it in the end? We do through more bank fees. Stop the insanity!
Good luck with it. Please let us know how it works out. Maybe the bank will change its mind and reconsider.
This is pretty much the state of affairs all over .... sad but does not seem to be changing.
Comments(7)