For the sake of argument, let’s say there’s a short sale needing Bank of America approval listed at $85,000.
Let’s also say, for the sake of argument, that Bank of America already has indicated they will accept $85,000 as long as they also receive a cash payment from the seller. And let’s also say that the buyer who originally offered $85,000 but also wanted closing cost help that B of A was unwilling to provide since walked.
And let’s say, you know, for argument’s sake, that another $85,000 offer came in on the heels of the first, this one without closing cost assistance.
Wouldn’t logic dictate that B of A would be satisfied with the same terms – the same sale price and the same cash contribution?
Sadly, Bank of America’s short sale department doesn’t deal in logic. Because, in the span of two weeks, let’s say B of A’s negotiators have decided they also need a $10,000 promissory note from the sellers – a note that wasn’t being required as part of the original approval.
If only this all only was for the sake of argument and wasn’t a real situation.
This is why I recommend buyers avoid short sales like the plague.