Are short sales even worth the time and effort? I'm so frustrated, I need to blog!
I have been working with some Buyers for several months. They located a home in beautiful Prescott, AZ, in which they fell in love with, early on. The problem? It's a short sale. The even bigger problem, it's a BofA short sale. And, it has been screwed up from the start! My clients came in with a reasonable offer and continued to increase their offer to beat out any other bids that came in. Bank of America verbally accepted their offer. Then, they told us we needed to revise page 1 of the contract, because "their employees don't understand counter offers". So, we revised page 1. We waited, and we waited... two and a half weeks later, they counter offered us at full asking price. My clients stood on the offer they had already accepted. Four days later, Bank of America sent us a rejection letter. My clients scraped together the additional seven thousand dollars that Bank of America was requiring. We resubmitted the offer for FULL ASKING PRICE. That was six weeks ago today. Guess what BofA came back with today? ...They counter offered my clients full price offer - They are now asking for an additional $4,000.
Needless to say, these Buyers and I have had it with Bank of America, or is it Bandits of America? 
My clients have given BofA one more shot at accepting the full price offer that is on the table. I've already emailed my Buyers other homes that match their "wish list" and we are going to start looking ASAP.
In the market we are currently in, I can't stop showing short sales all together. I can however, inquire as to who the lender is. And, if it's Bank of America, I will certianly encourage any Buyers to look elsewhere.
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