Let us assume that you submitted your short sale package. After a few months waiting period the BPO was performed (BPO stands for broker price opinion). Then the negotiator submitted your short sale package for approval. Then the offer was rejected. Now what? The common sense tells you that your house is going to a public sale and there is nothing else to be done. I assure you that there is much more to be done.
You can ask your buyer to make a higher counter offer. If they say no, then find another buyer and submit another package. Make sure that the offer is a little higher than the previous one. Otherwise the bank will not initiate a new short sale procedure. If more than six months passed since the last BPO a new one is required (which is a good thing if the first one was very high).
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Usually, the bank schedules more than one BPO. I had a case where the two BPO came up with $55,000 and the third one - with $75,000. For some reason the bank considered only the highest BPO. As a result the offer was rejected. The bank requested a counter offer of $75,000. It did not make any sense. Sometimes it is a challenge to work with the negotiators, because they don't know or don't care. I am sorry to say that. Request to talk to someone in charge and ask for another negotiator. If nothing happens, let it be for a month or so.
My point is that when you get a rejection you don't give up. Try again. On one occasion, while helping a friend of mine, I had to submit 3 short sale packages. The third time the offer was much higher, because otherwise they would not reopen the case. I knew that this last offer was too high to be real, but we took the risk. This time the BPO came very low. The negotiator advised us to sign another contract for a lower price and he gave us the exact amount. Everything worked out nicely. The lesson is that sometimes you have to go the opposite direction in order to get what you want.
If you find out that your case is assigned to a law firm, this means that the public sale is approaching. You will also be notified by mail. My advice is to never talk to the middleman. The law firm only cares about their fees for handling the foreclosure sale. Always talk to your lender (the decision maker). Find another buyer and repeat the short sale process. If worse comes to worse, consult a bankruptcy attorney and consider filing Chapter 13. In most states the homeowner can file bankruptcy one hour before the public sale and stop it. This can delay the foreclosure for up to one year. I want to stress again that only bankruptcy attorney can give you a legal advice.
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