Another short sale drama,,,,can you stand it? I am doing a short sale in a very upscale area of Bonita Springs Florida. This is a coach home, one car garage with bundled golf. Very lovely home, but needs some work. I started the listing out at "market value" according to comps in the community. Every 21 days I drop the price 10%. Of course, because this is a short sale, it is being sold "as is" with right to inspect. After a couple of price reductions, I received a cash offer for $50,000 below what I was asking. I put the offer in front of the bank. This is my first short sale with this lender, Wells Fargo. I was very surprised at how quickly they sent out an agent, who did not have a supra key, to do a BPO. Since there has only been one home like this sold in the last 6 months, that is what she went off of. That home has many more upgrades that the one I have listed, granite, crown molding, bamboo flooring, Italian tile back-splash in the kitchen.
When Wells Fargo got the BPO they said that my offer was not high enough. The NEEDED to net a certain amount of money. Gosh, they are starting to sound like the regular sellers. By this time I have the home down to $225,000 where it has been for 2 months and they want more than that. If $225,000 were such a great deal, don't they think that I would I have multiple offers to put in front of them????
The potential buyers did up their offer, but not to the banks satisfaction. The negotiator that I was dealing with had closed the file because the offer was not sufficient. She told me when I had a better offer, I could resubmit. I guess this gal thinks I have nothing better to do than to fax her a telephone book size file once again. I spoke to her manager and his manager also. The answer from all of them is the same. They are telling me that their investor's require 88% of market value. Are they nuts???? A normal equity sale in today's market is going for 10% below market value and the sellers are doing repairs to the property.
The other day I was showing this unit again and discovered that the A/C is not working properly now. Of course the bank doesn't seem to care or even consider doing another BPO. The home they are working off of went pending in January 08 and closed in March. We are in a declining market........don't they get it? Keep your eye's open. Wells Fargo will have another home on the REO market soon...........
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