This is the letter I received from my real estate agent after 3months of working on our short sale:
I finally was able to speak with the negotiator regarding the investor's decline of the short sale. She received the same information that you and I did regarding the reason for the denial. She did, however, look through the information that she had from the investor's file notes and communicated the following to me:
The sale price of the home was a good price set (she said the BPO came in at $175K and the offer of $180K was fair and right in the ballpark).
Because of your high FICO scores and the lack of default on your mortgage the investor may have declined the short sale because of apparent availability to pay. (Even though your hardship was thoroughly explained by you in your letter, and by myself and the negotiator in our communications to the investor.)
Because the investor is asking for more of a contribution, I asked what is it that they want?! The negotiator said that with the short sale the loss to the investor would be approximately $149K. She said that typically they want to recoup 10% of the loss. To satisfy this it would mean approximately a $15K contribution on your part. She said that since they are asking for the contribution this would be more readily considered if this were a cash contribution rather than part in a promissory note. We were not given a counter-offer, so other than that information she could not tell me what amount the investor is looking for.
This is the negotiator's interpretation of the file and her best evaluation of the situation. Because Bank of America does not own the loan and Freddie Mac does, her position is merely an information processor/communicator and not a decision maker. Therefore, she and Bank of America have limited knowledge of the information regarding the decision.
In addition, because the file was declined and a counter offer was not presented, the file has been closed and the short sale would have to be re-initiated in order to continue. I know you are about fed up with this system and I understand if you are not willing to pursue, but if you did choose to continue, the negotiator assures me that since our initial submitting of the short sale their process has improved and stricter deadlines have been implemented so it would go quicker.
Because the file has been closed, the negotiator we have been working with can not do much for us any longer, other than supplying the information that she shared with me today. Below is her contact information if you choose to call her, but, like I said the file is no longer hers to assist. Wendy T.