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When Short Sale Assumptions Become Truisms - The Case of The LALAs
LALAs.  Largely Acceptable Legacies of Assumptions. 
A term from my “corporate days” pertaining to incorrect methods, statements or policies perceived by some to be relevant or “the way things are or are supposed to be” and becoming acceptable “truisms” by others.   
I just got a very frantic call from one of the Realtors for whom we negotiate their short sales.  We are currently working on three (3) of his short sales from Bank of America.
He was beside himself because of the “new policy” from B of A requiring the seller to pay or come to the table with 10% of the deficiency difference.  He was told by more than one of the agents in his office that B of A recently changed their policy and now requires the seller to come to closing with 10% of the difference between the payoff and loan value! 
While I had not heard of that policy change B of A or any of my resources, I was nevertheless interested in finding the source of the information and if there were any truth to it. 
It seems that one of the “short sale experts” in his office (she has done 5 – and this was her ... more

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