A CT GMAC Short Sale Success!

Not a pretty or quick affair but with enough persistence, anything eventually closes. Though my other recent GMAC short sale approvals have been incredibly fast, this one was of course the exception.

The problems began when GMAC insisted on pre-approving the short sale. As soon as we went on market they were out to do a BPO, which of course came in WAY TOO HIGH to begin with. So as soon as we stepped out of the gate, we were already in trouble. My efforts to dispute the BPO value went unheard, and so instead of a quick easy sale, we spent months waiting for the BPO to expire so we could get a new valuation ordered.

Unfortunately these months sent us into the dead of winter. We secured a buyer and inevitably the very next day the pipes burst and the buyers took off. My sellers repaired the furnace, but there was some slight water damage left, further devaluing the property. A few more reductions later our final buyer was secured.

This time our BPO went just fine, and we closed a few weeks later, albeit for much less than if we had not been slowed by GMAC's bad BPO to begin with and had been able to move the property the first time.

WHEN EXACTLY WILL THE BANKS LEARN THEIR LESSON? TIME COSTS EVERYONE MONEY - ESPECIALLY THEM.

PERHAPS NEVER.