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September 19th, 2011 3:14 PM by David W. Welch
You guessed it Bank of America has managed to surprise me again with their ineptness at handling short sales. The are the bank for a seller that has had two buyers walk because the approval took too long. The second buyer's offer of $153,000 was approved just a few weeks ago, but not in time to hold the buyer to the contract. Luckily, I am working with a terrific couple who made an offer immediately at the "approved" price. We went to contract and began waiting - again. We had just spent five months waiting on another short sale that went awry when the seller's bank wanted a ton of cash from the sellers and still reserved the right to pursue the deficiency at a later time. The sellers were unable to negotiate a better deal, so they refused the banks approval offer.
We went back to the drawing board, then this home came back on the market. The day it came back we had our full price offer at the "approved" price submitted. Six weeks later, Bank of America is now counter offering $17,000 higher than the price they approved. Apparently, home values in Orlando have skyrocketed more than 11% in the last 45 days. There are currently 28 homes that meet the buyer's search criteria in the general area. I will admit that most are priced above our current offer price. They also are not selling, and many are larger four bedroom homes. The most recent sale in the neighborhood of nearly an identical size three bedroom home closed for $145,000, so $153,000 seems pretty fair for the condition, floorplan and the lot this home sits on. But $170,000, come on Bank of America. Your new BPO suggests the value has suddenly jumped 11% to $170,000 when the only recent sale closed for $145,000.