If you find yourself in a similar predicament, your best course of action is to have your Realtor (if they have not yet done so) provide your lender the listing history of your home. Hopefully it shows a progressive lowering of your home's list price over a period of time to it's current short-sale list price. This will show your lender that no offers were obtained at higher list prices.
Your Realtor should then combine this report with an accurate view of your home's market value using comparable sales in your community then aggressively (yet diplomatically) argue a lower list price (or the acceptance of an existing reasonable offer) with your lender. He should contest the BPO (appraisal) your lender commissioned on your home. When provided with accurate comps, a lender will often go forward and order a new BPO (Broker's Price Opinion) and obtain a second opinion on the value of your home. We've successfully contested several BPOs in the past.
Short sales are a lot of work. We've done a bunch of them. Your Realtor needs to be a squeaky wheel to your lender's assigned negotiator by getting on the phone every other day and calling them and then notating and dating everything discussed. But, at the same time, being an apparent partner to your lender by continually reestablishing the fact that he is trying to provide them the service of off-loading this asset for them. It's a very fine line the Realtor has to walk and the proper walking of that line only comes from the experience of successfully closing many short sale transactions.
If s/he is unable to reason with the negotiator and make them see the light, then it might be time to go above the negotiator's head and get a hold of a supervisor or ask for another negotiator to be assigned to your file. But be advised that you could be burning bridges at this point.
If after talking with the higher-ups, if you're still stuck with the same negotiator and you can not get them to accept a lower, REASONABLE, offer. Then your lender's negotiator could be your obstacle. Negotiators have personalities too. In very extreme cases, and if you still have time prior to any foreclosure, it might be better to cut your time lost with the current negotiator and let them close your file. Then resubmit the offer and have a new negotiator assigned to your file.
BUT BE ADVISED, this is a risky, last-ditch, all-else failed, effort as your lender might not consider to reopen your file AND your buyer has to be okay with the longer delay AND the clock is still ticking on the foreclosure sale date. So make certain that the offer you have on the table is a reasonable offer and that you and your Realtor is doing everything you can to obtain a higher offer.
And as always, augment this information with that of your lawyer's and financial advisor's advice.
Your Realtor should then combine this report with an accurate view of your home's market value using comparable sales in your community then aggressively (yet diplomatically) argue a lower list price (or the acceptance of an existing reasonable offer) with your lender. He should contest the BPO (appraisal) your lender commissioned on your home. When provided with accurate comps, a lender will often go forward and order a new BPO (Broker's Price Opinion) and obtain a second opinion on the value of your home. We've successfully contested several BPOs in the past.
Short sales are a lot of work. We've done a bunch of them. Your Realtor needs to be a squeaky wheel to your lender's assigned negotiator by getting on the phone every other day and calling them and then notating and dating everything discussed. But, at the same time, being an apparent partner to your lender by continually reestablishing the fact that he is trying to provide them the service of off-loading this asset for them. It's a very fine line the Realtor has to walk and the proper walking of that line only comes from the experience of successfully closing many short sale transactions.
If s/he is unable to reason with the negotiator and make them see the light, then it might be time to go above the negotiator's head and get a hold of a supervisor or ask for another negotiator to be assigned to your file. But be advised that you could be burning bridges at this point.
If after talking with the higher-ups, if you're still stuck with the same negotiator and you can not get them to accept a lower, REASONABLE, offer. Then your lender's negotiator could be your obstacle. Negotiators have personalities too. In very extreme cases, and if you still have time prior to any foreclosure, it might be better to cut your time lost with the current negotiator and let them close your file. Then resubmit the offer and have a new negotiator assigned to your file.
BUT BE ADVISED, this is a risky, last-ditch, all-else failed, effort as your lender might not consider to reopen your file AND your buyer has to be okay with the longer delay AND the clock is still ticking on the foreclosure sale date. So make certain that the offer you have on the table is a reasonable offer and that you and your Realtor is doing everything you can to obtain a higher offer.
And as always, augment this information with that of your lawyer's and financial advisor's advice.
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