What is that? An agent received instruction from the Bank of America servicer to market a home as 'Bank approved price $249,000." No attempt to place a value on the home was made prior to this instruction The only time this has REAL meaning is if the first offer JUST fell through..
Be aware, the seller does not dirve the deal. They too are at the mercy of the servicer or bank.
The buyer is the most insignificant element in the process. The buyer must be prepared and able to endure the abuse. Not everyone is cut out to be a short sale buyer.
Sorry, no list.
No secret code.
No private club.
There is a better way, but you MUST be working with a professional who has muliti-dimensional approaches and allows you to earn the right to be on the 'A List." At this moment, although you were thoroughly advised and warned regarding the short sale process, you seem to have not 'heard' what was shared. Now you know no one was kidding. To discover the 'gotta be a better way' options REQUIRES a commitment from you and a real demonstrated ability and motivation to buy. With out these, agents are left asking, "There's gotta be a better way to find the right short sale buyer?"
I have listed and sold 5 short sales so far. The ONLY way to know what the bank will accept is after a contract is sent to them and they come back and say "we need no lower than X dollars" to get this approved.
Then the listing agent knows exactly what the bank wants and lists it at that price. However if they don,t put in the listing (usually for agent information) that it's an approved short sale for X dollars there's no way to know and compile a list of "pre-approved" short sales. Also no way to know what the bank will approve until they get a contract and order the BPO , which is another way to refer to a market analysis. Be aware that short sales don't usually sell for a bargain price, they sell for current fair market value....which just happens to be less than what the seller owes to them.
EG: seller owes $200,000 ,BPO says current fair market value is $150,000. Bank has to agree to take the SHORTage of $50,000. If they get a contract for $$100,000 it's most likely they will reject that offer and tell the listing agent they will not take less than $150,000. that's what I consider a pre-approved short sale.
The process is anything but short and most banks won't approve the sale without seeing a contract. Then they will order a BPO--broker price opinion and/or send out appraisers to get an idea of value.
The sellers are as frustrated as you are and are not doing anything to "buy time." The banks are in charge and the final decision lies with them.
No short cuts available as of this time. The whole process is a risk for today's buyers', but well worth it if you can get the house at such a reduced number. Just be sure you are working with an agent experienced in getting these deals closed. So many do not due to frustration levels. An experienced agent not only guides you through the process but tells you what to expect up front. That can be the difference between a buyer walking or holding steady through the process.
Short sales have a lot of variables. One of the biggest misconceptions about short sales is that you can "steal" them for a great price. As an experienced short sale listing agent with CDPE certification, I can assure you that most short sales sell for the lower range of a reasonable market value. The success of the short sale being consummated is also contingent upon the 1) system being used to process the short sale by the listing agent, and 2) the sellers motivation and willingness to participate.
I am very familiar with the Sicklerville area, and welcome your questions.
Please let me know how to be of additional assistance.
Keller Williams Realty, Cherry Hill
I understand your frustration. Working with an experienced buyer agent helps, but even a great buyer agent who is experienced cannot force the hand of an unmotivated seller.