I just got an Alert from Experian. The status for our BofA account has always shown the number of days late (90, 120, etc) until today. It now says BANK ADJUSTMENT / DEED IN LIEU / BANK LIQUIDATION what does that mean? We are working with the BofA negotiator and our buyer to submit a short sale offer price that everyone likes.
The bank appraised the house at 190-208,000. The buyers sent in a cash offer of $164,000 because the FMV of the house isn't much more than that. The bank told us Friday that they will not look at the offer of 164. They will only look at an offer if it is at least 180, but they specifically said they wanted 190. Could the BANK ADJUSTMENT / DEED IN LIEU / BANK LIQUIDATION mean they have decided not to do a short sale with us after all and are going to offer us the Deed in Lieu? The terms "deed in lieu" and "bank liquidation" seem contradictory to me. Thanks