AHMS Short Sale Disbelief!!!(stupidity)

[nycbrooklyn]

In my case I am not a current AHMSI customer, but I do have an offer in on a short sale that was rejected. My initial offer on the short sale property in Deer Park, New York was approved in a timely manner, however the current financial market made the loan process extremely lengthily so the approval expired before the loan was cleared to close. I was in constant contact with my attorneys and was told they had applied for an extension prior to me getting an approval but once I received my final commitment and approval from my lender I learned they had just submitted the documentation for a new approval. It took over a month and they came back and said it was denied because they now believe the property is worth $90,000 more than the number they first approved the sale at.

So here is the kicker. I found out who the negotiator was and called and got some more information and I was told AHMSi believes the property is now worth $420,000 instead of my initial offer of $340,000 which was accepted just two months ago because some comps in the area sold at the $420,000 price. Well the problem is the house needs $35,000 in work right away so even if you purchased for $420,000 you would need to do work especially because the people were heavy smokers for some 30years and had central air. Then the thing that made their request for $420,000 silly is because my bank appraisal came in at $370,000 so basically no one is getting a loan for $420,000 from a bank for that house. On top of that AHMSI does not understand on Long Island you can live across the street and be in a different school district and pay a premium of $100,000 for that identical house across the street and those are the houses they are using for their comp.

I am just tired of the whole process the attorneys and everyone involved. I appealed to Jim Davis office and got a call back from his assistant who had the manager of the negotiator call me (he left a voicemail and I have been unable to reach him) I sent him my appraisal which he asked for and explained the whole same area different school district even told them I have an open loan that's just waiting for a closing date. The bottom line my family is tired of waiting and we have already started looking for something else. The listing realtor admits that she cannot sell the place for that price so AHMSI will end up paying an additional $25,000 to maintain the property and end up taking an offer for less in foreclosure than I am offering them.

Way to go guys real smart move on this one, I thought banks want money. This is the first short sale I have ever heard of where the bank wants' exact comp for a move in ready house in almost the same neighborhood. >>

[nycbrooklyn]

So they finally denied my short sale. They asked us for $13,000 more asked the agent to cut commission from 6% to 5% and the lawyer to cut his fees and said they sent it up to MI for approval and then took almost two weeks to get back to us and finally told us MI told them no even thought they had approved the deal for at least $25,000 less before. So the final answer was no. They said they prefer to take their chances at foreclosure even though the agent refuses to list it higher because they don't think it will get any offers. These are the same people that had a comparable house in the same area about 2 miles away that was over $100,000 less than what i was paying for the other house so don't know what they are thinking. fficeffice" />>>
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I hate them, i never say that about people but they qulify. They are smug and just trying to be greedy.