Bank of UnAmerica......Post your thoughts/stories/comments here.

Nancy, I would love to see THAT blog. If you have the link would you mind posting it here?

Ah Nancy, wasn't quite sure what you referring at first until I read Don's post. Yes, with BofA, I, too, have received their cryptic messages that you have to establish an account and is password protected. Insane!!

Don, a couple of weeks ago I spoke at the C.A.R. Expo regarding short sales. It was overwhelming to say the least. There were hundreds in attendance each day. It was amazing how many agents were uneducated on the process and felt so helpless. I have rec'd enormous amounts of emails and calls from many of them begging for help.

This is where NAR needs to step in and streamline the process. I spoke to one of the CAR Lobbyist that emphatically said the lenders will never create a standard, so it is up to us to do it on a national level.

Just the other day I had multiples on a listing of mine. In keeping with protocol er ratified 1 offer and ratified another in 1st position back up. 3 days after doing so I rec'd yet another offer $61,000 higher. Per the CAR SSA (Short Sale Addendum) #E, the Seller has the right to send in any/all back ups. This does not in any way dismiss the notion that the accepted offer already in possession by the lender is still, exactly that, the accepted offer by the Seller. However, the Seller, a very sophisticated Seller, knows that if the Lender has the back up, they can reject the first offer (in writing) and decide to work with a back up. The agent was furious with me. She stated she had spent $400 on CDPE course to get certified in short sales. They had informed her that ONLY 1 offer can be sent in. I informed her that she needed to read the SSA item #6. If by sending in a back up that is higher reduces their exposure to recourse by the lender then of-course they are going to do it. I gave her and her client the option to increase their offer, but they declined. It had only been a few days, the real problem comes into play if and when it has been months. Months that a Buyer has waited. It is still within the Sellers rights, but ....where is the fairness.

There are so many pitfalls for both the Buyer and the Seller. A Seller does not know until such time an approval letter is produced what kind of recourse there will be. A promissory note? The silent method, by which they have up to 4 years to go after the Seller. Yes, there are some tax laws and federal laws now in place to protect Sellers from recourse, but how protected are they really.

As for a Buyer, the exact scenario that I described earlier should be a fear on a Buyers part. Also the fact that a Seller can cancel the deal in the 11th hour should they not like the terms of the approval letter from the lender.

One thing is for sure what I have stated above is only a smidgen of the issues associated with Short Sales. Some say they will be around for 3 more years. Others say 5. I tend to go with the latter.

At this juncture, I agree with you, we need a standardized system, at least for the agents.

Simply??????? One would like to think so, but I think not.

Anyone know how to make this a featured blog? I would love for the entire RE industry to voice their opinion and then send it to BofA...