http://www.celestialhomesltd.com/blog Stay up to date with the latest happenings in the Greater Phoenix Real estate Market Mon, 06 Sep 2010 02:09:26 +0000 http://wordpress.org/?v=2.7 hourly 1 http://www.celestialhomesltd.com/blog/?p=197&cpage=1#comment-998 Max Thu, 22 Apr 2010 22:45:51 +0000 http://www.celestialhomesltd.com/blog/?p=197#comment-998 Short sales are a pain. I waited 6 months for bank approval on a short sale house in Desert Ridge. Bank of America finally approved the sale. Then the appraisal came in and due to some foreclosures in the area, the value of my house was $30,000 less than what I offered. BofA decided they would rather not sell the house and instead proceed with a foreclosure against the seller. I guess they believe the house will appraise for more in several months, but meanwhile I am out $375 for the appraisal and I'm probably not going to be able to take advantage of the tax credit! Short sales are a pain. I waited 6 months for bank approval on a short sale house in Desert Ridge. Bank of America finally approved the sale. Then the appraisal came in and due to some foreclosures in the area, the value of my house was $30,000 less than what I offered. BofA decided they would rather not sell the house and instead proceed with a foreclosure against the seller. I guess they believe the house will appraise for more in several months, but meanwhile I am out $375 for the appraisal and I’m probably not going to be able to take advantage of the tax credit!

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