Predatory Short Sale???????

[Matt Granquist]

Check out the lender's email response that we received to one of our short sale offers.

"[i]Mr. Granquist

This BPO opinion for a quick sale on this property is $148,000 to sell "as is" within 30 days. The total of the two liens on the subject is $145,000 plus interest and cost.

You put these sellers under contract at $53,000. This appears to be predatory with regard to various federal and state authorities. Can you please explain your position with regard to putting this seller under contract at $53,000?

Your request for a short payoff is denied. We will be in contact with the seller as to why he is not putting this house on the market for $148,000 if he wishes to sell."

END OF EMAIL

What????? It would be predatory if someone bought the property for anywhere near $148K. We have the ARV at $175K. The property is a wreck and needs $50K+ in improvements.

I'm in the Denver area and the lender is a small local lender. I'm sure the agent who performed the BPO never left their desk. We used the state of Colorado approved purchase agreement.

Has anyone ever been or heard of someone being accused of a predatory short sale?