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Saga of B of A (Countrywide) Short Sale

My client is the most patient man in the world…well maybe not the MOST…but right up there. He has been waiting for short sale approval since December 2008. And as he recently told me after using Google to search “Bank of America Longest Short Sale” …he is NOT the record holder!

We originally offered $330K on this seller occupied home which was in pretty good condition. Nice pool/spa…great landscaping. I won’t bore you with the details…as they are just maddening…but suffice it to say that the property is NOT in that condition today. The pool had to have the “mosquito eating fish” treatment and now has a foot or so of swamp water in it. The landscaping did not survive the long hot summer with hardly any rain. The grass may come back but everything else will have to be removed.

After months and months of getting the run around from the bank (who by the way got a HUGE chunk of TARP money)…we got a BPO of 330K! WHAT? He had to be smoking crack as there is no way ANY home in the Phoenix area has the same value now as it did in 2008.

My client…loving the views and area, decided to spend money on an appraisal…which came in at $267K. Right about where we thought it would. Now…one would think that at this point the bank would just move forward and get rid of this home the easy way. BUT NO! They are ”reviewing”…for three weeks now! Please…if someone out there can explain why they would be dragging their feet on this deal I would love to hear why. WHY!!???

We have “escalated” a number of times…including letters and supporting documentation as to why this offer is in their best interest to accept…all to no avail. My client even wrote a well thought out e-mail to the CEO and all others on down the executive ladder…with NO response.

The buyer’s lender is telling me now he is worried about even getting financing on this home due to condition. My client will have to turn on all utilities…pay for the pool to be restored to functioning…and make sure the mechanical components are all working for the appraiser to re-inspect because of course our appraisal had conditions!

I have taken many classes on how to handle short sales and have successfully completed many of them…as the listing agent. I feel we have done everything we can at this point and have now resorted to just praying! Praying that either we get an answer ASAP and move forward with this home…or a new listing appears that he loves even more than this one!

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