Five Reasons Why Short Sales are Declined

[smurrey]

p.s. we did consult an attorney and he told us to buy a lottery ticket. yep. he said the banks are above the law and he couldn't do anything to help us with the process, anymore than we could help ourselves. Either pay the extortion money at closing or walk away from the short sale offer and let the bank foreclose.

[klavanway]

@smurrey You are not alone at all in your frustration. I don't know anyone right now who has a shred of empathy for the banks. I want to wish you and your family the best of luck and I hope you will keep in touch. It's good to hear the after stories when you are going through this nightmare.

[smurrey]

#1 BoA has not (in 6 months of our short sale process) told us what the BPO (brokers price opinion) is on our house! Won't tell us! Incredible!

#2 We are a seller of a short sale home, we've submitted ALL of our paperwork, financial statements, etc. to BoA THREE TIMES.

#3 Neither of us, seller or buyer know each other.

#4 BoA is demanding cash from us, the seller, at time of closing AND making us sign a promissory note. That amounts to EXTORTION.

[sahomelocator]

Good info here Kristin. Buyer, sellers and agents are well advised to listen up.

[jorel5]

Thanks Kristin. I'm just setting up the process oon B of A's Equator system this week for one of my clients. These are good things to watch out for.