Why in the world would you have an approval then someone say OH NO you have to RE LIST this home on an AUCTION site !
Let me share with you this shorts ale listing and process so far. I have no idea how its going to turn out but thought maybe someone has been in the same position and had a successful outcome.
I listed a home on 5/13/12 in a not so great of an area of town. It was rented and at the time and the home showed well with a good floor plan. There were a few minor issues here and there but nothing that could not be fixed easily. I was optimistic priced right it would sell fast.
Offer #1 took about 6 months to my surprise and it was from an investor. It seems the term LOCATION LOCATION LOCATION was the issue here. We accepted the offer and worked the process. It was a VA loan with OCWEN. Both veterans lived out of state divorced and not able to maintain the home. We worked the short sale and received a notice the net was not acceptable to the VA. This process took about 5 months. Now we are almost a year on the market and the renters have since moved out.
Offer #2 We were told we needed to net about 105k to the bank so we re listed the home and received another offer in the range we knew would be accepted. A few weeks int to the short sale I was notified the net was not acceptable and they wanted 20K over asking price. I personally believe this was a uneducated negotiator for the bank who just gave a reply with out looking at what we were told. We eventually got a new BPO and was notified on August 9th a verbal acceptance of the net terms.
It is now August 12 and I receive an email telling me the home MUST BE LISTED ON Hubzu. What in the world ? When we asked why, as we had a verbal approval, we were told by some OVERSEAS company this is just the way it is and we have no choice. We are currently looking for a higher official to review this file so we can close.
This will result in a buyer walking away after we have gotten the net required and a home going in to foreclosure. I bet everything if that happens they will only get about 80k and have the cost of the foreclosure on there hands.
HELP IS ANYONE ELSE HAVEING THIS ISSUE AND WHO CAN WE CALL