Bank of America Short Sales

glhs837

glhs837

Power with Control
You are getting your own appraisal, correct? My appraisal, done at the behest of my first lender (VA loan) came in 35K short of the appraisal of the bank I went to for the 401K. Big difference. The first appraisal was much more accurate. I suspect the second was tailored to support what the bank wanted to loan, although that is supposed to be impossible anymore.
 
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Katie723

New Member
glhs837 said:
You are getting your own appraisal, correct? My appraisal, done at the behest of my first lender (VA loan) came in 35K short of the appraisal of the bank I went to for the 401K. Big difference. The first appraisal was much more accurate. I suspect the second was tailored to support what the bank wanted to loan, although that is supposed to be impossible anymore.
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Yes! I will be getting my own appraisal. From what I was told.... I'm not suppose to do that until the bank accepts or counters my offer. I agree 100%- I will not be going off of the banks appraisal. However, the bank wants to do one of their own as well. I'm hoping if mine comes back lower, I can take my appraisal along with comps from my realtor and counter back to the bank.
 
BadGirl

BadGirl

I am so very blessed
We bought a short sell home. Not from BoA, but rather from Wells Fargo.

It was a lengthy nightmare.

We put in our full-price offer on the house in March 2010, and finally went to settlement in November 2010, after Wells Fargo upped sale price an additional $15,000. That is EIGHT months hanging in limbo. :jameo:

We stuck with the house because we loved its' potential, and for the land and location. But for all of the effort and emotional toll, I think I'd be very hard pressed to purchase a short sell again.
 
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Katie723

New Member
BadGirl said:
We bought a short sell home. Not from BoA, but rather from Wells Fargo.

It was a lengthy nightmare.

We put in our full-price offer on the house in March 2010, and finally went to settlement in November 2010, after Wells Fargo upped sale price an additional $15,000. That is EIGHT months hanging in limbo. :jameo:

We stuck with the house because we loved its' potential, and for the land and location. But for all of the effort and emotional toll, I think I'd be very hard pressed to purchase a short sell again.
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I know! It's so frusterating! I have only been dealing with it for a few weeks, I couldn't imagine 8 months!! I hate not knowing! I'm still looking at other properties... if I find something I like better I can walk away from the contract with no obligations prior to third party approval. Thanks for your input!
 
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DooDoo1402

The fear of Smell
Katie723 said:
I know! It's so frusterating! I have only been dealing with it for a few weeks, I couldn't imagine 8 months!! I hate not knowing! I'm still looking at other properties... if I find something I like better I can walk away from the contract with no obligations prior to third party approval. Thanks for your input!
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I am not sure some of the responders know what a Short Sale really is...

http://en.wikipedia.org/wiki/Short_sale_(real_estate)

We've had our share of dealing with banks (some were BOA) on a short sale and I can guarantee you I will never ever do it again. If you talk to most veteran realtors, they will give many horror stories and prolly suggest to look elsewhere.

Unfortunately you are dealing with more than one person besides the bank folks... as someone else said there are many that have a stake in the proceeds, so possible bickering goes on behind the scenes. I've had a bid locally on a Short Sale with BOA a few years back and offered a few thousand below asking w/ 2k closing costs, after 2 months wait the bank countered with no closing costs and upp'd the amount a few thousand above the asking price... I just rolled my eyes and walked.

Short Sales are at a point that many fingers are in the proceed pot and there are just too much hidden negotiating without your knowledge or input. Unlike a foreclosure when the bank completely owns it...

My advice is to look elsewhere and stay away from any Short Sale (regardless of bank or company)... unless you have nothing better to do for a long time and hopefully you have a smart Realtor that knows the system. Otherwise that roller coaster ride is gonna get very bumpy!

You asked... so this is my honest opinion.
 
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red_explorer

Well-Known Member
Any luck?

Just wondering if you'd heard anything about your house? I have friends going through this in Frederick, and its a nightmare. They knew what they were getting into, though....
 
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