People often don't pay attention to warnings. That's because sometimes we look at them in jest, like Lost in Space: Danger, Will Robinson. I can advise sellers that the price of their short sale is too low, but they ultimately set the price, not me. I can also tell buyer's agents that they need to pull the comparable sales, but that advice often falls on deaf ears.
As a result, sometimes I can end up with a short sale listing priced way too low to attract any type of decent offer. Agents who don't work in short sales don't understand that banks aren't giving away these homes. Buyers look to their agents for guidance but often those agents say, "Offer whatever you want."
I feel like I can argue until the cows come home but they don't listen. And of course, when the bank rejects the offer, you know who they look at.
All of Bank of America's short sale emails that contain a short sale approval letter arrive with this disclaimer:
* Counter offer acceptance is subject to senior management approval, mortgage insurance and /or investor approval
The only time I have ever had a short sale approval revoked is the one time that neither the sellers nor the buyers heeded my advice. Usually I can get one party to cooperate. But this time, neither of them would. And now I can see why Bank of America puts this disclaimer into its emails. Well, at least I learned something new.
Yup, Bank of America can approve a short sale and then withdraw that approval.
Photo: Big Stock Photo
Certified HAFA Specialist
Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.
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Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.