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Ugh.
We made an offer of full list price on a short sale house late January. We knew what we were in for time wise but thought we'd give it a shot. We made it through the BPO, lender was OK with our price but had to fly it by the PMI company (the sllers had only put 5% down and had PMI). Well the PMI company shot us down. Stinkers. It is back to square one for us. I thought selling our house was going to be the big problem, but now that it is sold, buyning our next house is just as problematic. Go figure!
Submit with a lower price, I know it sounds strange but they might counter it back, just to wake them up. They think buyers are stupid and they can play with them, so turn it around. We did it and got the property for the lower price.
Submit it again with a lower price and a packet making the home look as bad as possible. List anything negative about it you can come up with that makes sense of course. Take pictures of any obvious blemishes. And if there is anyway to improve your offer according to other terms do it.
I suppose we can resubmit the offer. I think the PMI company is smoking some wacky tobacky though. Their loss mitigator wants the seller to bring an additional $30 grand to the closing table AND sign a promissary note of $70 grand. That is the only way they will sign off on the short sale. This house is relatively new (2005) and there are no obvious blemishes other some really bad interior design choices (orange kitchen walls with blue countertops, etc..), and the fact that the utilities have been turned off since last June leaving a black murky pool, dead lawn/landscaping, and a mildewy fridge.
They are so shortsighted. They will never sell this house for $100 thousnad more than our offer (which the lender was OK with). So it will foreclose and go up for auction at at least $100K more than offer and no one will go for it. So it will revert back to the bank where it will may finally get a chance to sell.
Right now there are almost as many short sales on the market as there are 'regular' sales. Rassafrassabiscuitcrunching PMI company
Banks are starting to learn. In our area bank had a chance to sell the house before foreclosure and take a loss. Right now it is forclosed and the price has been lower 3 times and is at the price that the bank had an offer over a year ago. So the bank made the wrong decision and lost a lot of money and the house had never utilities on since the first owner closed on it (bought from builder), so you can see the yard and evertyhing look worse and worse...... Some homes don't sell on autions and the banks are even losing more. If you really want this house, I would play the waiting game and you might end up getting it cheaper but it will take longer.
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