short sale approval: BOFA Issues 2 Contradictory Approval Letters! - 12/16/08 06:15 PM
I just had a Bank of America short sale closing for a home near Destin, FL. BOFA issued TWO different approval letters for the same junior lien:
Approval Letter #1 (Emailed):
Bank of America agrees to accept $1000.00 in certified funds as payment in full of the loan. Upon the Bank's receipt of the payment of $1000.00, the Bank will report the account to the credit bureaus as "Settled", with the explanation "Account legally paid in full for less then the full balance.": In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue … (5 comments)
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short sale approval: How To Keep Short Sale Buyer Agents Happy - 06/24/08 06:36 PM
Are you a Short Sale listing agent? If so, you know the importance of having those buyers hang in there for three, perhaps four months after submitting an offer to the Short Sale lender. It is critical to keep their selling agents in the loop with frequent updates, and a "team" approach to getting the sale approved. That way, there will be a higher chance that they inform their buyers and help them remain dedicated to the purchase.
One tool I that use is to ask the buyer's agent to contact me at least once a week with an update request and also … (14 comments)
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