Another story about why banks are irrational and insane when dealing with short sales
To make a long story very short. I have a very well qualifed buyer (821 credit score, $100k plus down, salaried job for the governement, etc.). We found a house that another Realtor has listed as a short sale. This other Realtor is also experienced, knowledgeable about the area and well versed with short sales. The house was appropriately priced at $340k, we made an offer for $325k….everything is ok so far.
The bank short sale processor gets involved
And everything goes to hell. The banks BPO appraisal comes in at $375k! Out of area appraiser, and the bank processor will not consider an appeal. Both the listing Realtor and I know this BPO is way off target since no model of this house in this neighborhood has ever sold for more than $355k (even in the height of the housing boom).
Time, Money, and Frustration
So, the sellers have paid for a real appraiser to come in and do a rational appraisal in the hopes that the bank processor has a superviser that the listing Realtor can get in touch with. Meanwhile the buyer is being patient, even though this process has now dragged on for three months with no end in sight.
The home sellers are frustrated, the home buyer is frustrated, and both of us Realtors are frustrated. But at least the bank processor still has a job and is collecting a paycheck for the outstanding job she is doing 
Ahh, it’s good to be involved with Short Sales!
Tags: buying a short sale home, Colorado short sale, purchasing a short sale in CO
