Tuesday, February 23, 2010

Short Sale

The purchase of the property described in my last post will definitely be a short sale. I discovered that the seller's bank (BoA) is now using a system called 'Equator' to facilitate short sales. I had my realtor initiate an Equator account on this sale. It is supposed to take 60 to 90 days to close the sale on Equator. I also lowered my offer by 10% -- just for the hassle. Since it's a short sale anyway, why not offer what the place is worth. So I now think my offer is high enough to pass the bank's appraisal, but low enough to be a better deal than I first had. We'll see. I may yet get this place in time for some 2010 planting.

1 comment:

  1. The bank accepted our offer. We're looking at a late may closing.