Yes it's true. 365 days yesterday for this Short Sale with ONE note with B of A. What a complete disaster. I had a glimmer of hope about 4 weeks ago when the social media gal, Liz, called me. She was going to "escalate this file!". Well..several escalations later and I'm still waiting. This is my 4th qualified Buyer.
Primary Residence in Lagune Niguel, California. One note and the Investor is B of A also.
Note Value: Approx. $1,085,000
Offer price: $865,000
B of A approved $865,000 to close on 3/15/12, but that Buyer (my 3rd) walked also. By the time we got an acceptance, their Lender did an appraisal and it came in low at $825,000 so they cancelled.
This buyer stepped up at $865,000, but they too are getting ready to walk..too much time and too much bull****! The Escalation did occur with an appraisal coming back at $1,050,000!!! What???
So, Buyers' agent had another appraisal done by a local, very well known company and pressed him to make it as close as possible to top value. He did..coming in at $865-880,000. So, we are on the money for a Short Sale. Re-submitted offer, + new appraisal with 3 PERFECT comps from the same neighborhood within the past 6 months.
You'd think we'd hear something??? Not so fast! I was asked for a new Agent Authorization (like they didn't know I'm the same agent after 360 days), so I sent it. Then they wanted "one more doc", so I sent it. I am now with "Quality Assurance" department..hey, I thought this was "escalated"?
So..once again, I sit with the Buyers' agent calling me daily..trying to keep his buyers fired up to hang in there. There HAS to be a reason they don't want to sell this property! What do you suppose it could be???
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