I have been blogging about one of my difficult Bank of America short sales so everyone can see the difficult, but very typical, process. Last month I wrote my Month 5 update and I told everyone that we were elevated and had a Phase 2 negotiator.
The Foreclosure date has been postponedto mid January and we also have a second loan on this one with IndyMac. Well, before Christmas, we got an approval from both lenders. However, they didn't agree on what each one should get.
The first lender, BofA,says that the second can only have $3,000 (out of an $84,000 second). The commissions have already been cut and so there isn't much more room to play with. IndyMac says NO WAY on the $3,000.
So, now we have to get the two lenders to agree upon something that makes them both happy. I am just glad we are talking with real live people at this point!
My buyers are still hanging in there and being super patient. The company negotiating the short sale tells me that we should know something within 2 weeks (yeah- because it could go into foreclosure at that point).
The control- freak part of me doesn't like NOT being allowed to talk to the banks (Only the listing agent and the company helping negotiations has the authorization from the seller).
I am confident and optimistic that the lenders will see that this is a Great Deal for them which is more than they will get if they get it back as bank-owned. A home down the street that is almost identical has been on the market for over a year and is now lowered it's price to match ours.
Next update should be a resolution to this long drawn out -but very typical-process.
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Kristi DeFazio is a Real Estate Agent serving Colorado Springs and all of El Paso County
If you are looking for help buying or selling real estate in Colorado Springs call Kristi at
719-459-5468
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