B of A unethical?

[debilorrah]

Let me explain. A co-worker of mine and his wife found a house they love and it was short sales. B of A kept turning down their offers for really stupid and strange reasons. A total 14 times they rejected their offer of $180k.

Last Friday, the bank foreclosed, put it up for sale and it sold in five minutes. For $120k. Does that sound fishy? Because it sure does to me. Reject 14 offers for 60K MORE than you sold it for??

 

[speckledhen]

Pretty much sounds normal to me in today's market. Really. My son's townhouse is in short sale and the antics being pulled are unbelievable. It's absolutely insane and stupid.

 

[desertdarlene]

Wow, that makes the bank look stupid. The government does the same thing.

 

[aggie9296]

i think all short sales are fishy, no matter the bank.

 

[debilorrah]

Quote:
The sellers actually have an attorney that was working on the short sale, and I believe B of A made a mistake in this case and it WILL come back to bite them. I was just shocked that they could do something like that!!!!

 

[sourland]

It would be interesting to know if there are any bank "connections" to the purchasing party.

 

[benjoycei]

B of A is good at lame excuses

 

[McGoo]

I do not like banks or oil companies, but maybe the purchaser for 120K was way less of a credit risk? therefore the bank felt that they had more of a chance to not have another foreclosure??? just wondering... not sure. There are so many crazy reasons why they don't sell at a higher price and/or come down in price... and then they're in foreclosure and getting sooo much less. Do they get a special government discount when it goes to foreclosure?

 

[debilorrah]

Quote:
My co-worker was pre-approved for $180k

 

[McGoo]

Ahhh.
I know that my son had this type of thing happen over and over in CA and you'd think they'd want more money, but no, they waited for foreclosure. Must put the house into a different bucket for the bank. They don't care about anything but if they're making money, so it must be something like that.