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Bank of America Short Sale Approval is the Pot of Gold at the End of the Rainbow

By Cindy Jones

Real Estate Agent with Integrity Real Estate Group

March 17, 2010 12:43 AM

Pot Gold at the End of the Rainbow It couldn't be more approrpiate on St. Patrick's day for my buyer to find the Pot of Gold at the end of the rainbow. In this case the gold is a short sale approval letter from Bank of America! We actually had the intial approval months ago but in true Bank of America fashion they "lost" the approval or "lost" the HUD-1 or "lost" the letter from the investor. Perhaps they were stranded on an island after a plane crash and are still finding their way home. Oh wait that is another "Lost." Never mind.

Fortunately the buyer has remained steadfast in their desire to buy a condo in Belmont Bay and when Bank of America countered our original offer with a much higher price we said NO. Surprisingly they said okay we will stick to the offer price.

Now I'm off to drink some green beer to celebrate!

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Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

A "steadfast" home buyer is the real pot of gold.

Mar 17, 2010 12:45 AM

Jackie Connelly-Fornuff

Douglas Elliman Real Estate in Babylon NY - Babylon, NY

"Moving at The Speed of YOU!"

That is awesome Cindy! Have a geen beer for me!

Mar 17, 2010 12:47 AM

Harry F. D'Elia III

WEDO Real Estate and Beyond, LLC - Phoenix, AZ

Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It seems that Bank of America is countering offers at the last minute to obtain more money for the property.

Mar 17, 2010 12:53 AM

Deborah Byron Leffler BzyBee Real Estate Lady!

Keller Williams Realty Boise - Nampa, ID

Yeah for you! I am hoping for my pot of gold today...we are "supposed" to hear on a short sale offer today as well! But who knows! LOL

Cheers!

Mar 17, 2010 01:10 AM

Don MacLean

New England Real Estate Center Inc. - Easton, MA

Realtor-Homes for Sale- Easton, Mass 02356

One day , in the near future I hope people (consumers) will start to tell these big banks to get LOST.

Congratulations on you're victory

Enjoy your day

Mar 17, 2010 01:13 AM

Gerry Michaels

Glasswork Media Arts - Gettysburg, PA

GettysburgGerry Social Meida

Hey, your in the Eastern time zone and it's not even noon yet there, oh well as Jimmy Buffett says, It's 5 oclock somewhere, have one for me...

Mar 17, 2010 02:46 AM

Tammie White, Broker

Franklin Homes Realty LLC - Franklin, TN

Franklin TN Homes for Sale

I'm happy this all worked out for you after months of waiting.

Mar 17, 2010 02:58 AM

Barbara Altieri

Better Homes and Gardens RE Shore and Country Properties - Shelton, CT

REALTOR-Fairfield County CT Homes/Condos For Sale

Keeping the buyer on board was a success in itself with BofA 'shenanigans'. Congratulations on getting the approval!

Mar 17, 2010 03:38 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

Cindy: I am hopeful that I can celebrate the same happy event by May 1st with my BOA short sale. It's always a pleasure to put a short sale in the win column.

Mar 17, 2010 08:50 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Lenn-absolutely having the buyer hang in there is a significant part of the process.

Jackie-I'm still hoping to have that beer before the night is over. It's been a crazy day.

Harry-with an approval letter in hand I can't imagine how they could come back at us now.

Mar 17, 2010 10:22 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Deborah-hope you received good news today as well.

Don-the real victory comes when we walk away from the closing table and know the deal is really done!

Gerry-my plans for an early morning victory drink were waylaid by a busy day of showings. Maybe as the sun goes down I'll sneak one in :-)

Mar 17, 2010 10:24 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Tammie-hope springs eternal when it comes to short sales.

Barbara-BoA occassionally comes through.

Chris Ann-the icing on the cake today is I have a verbal short sale approval on my Chase short sale listing. WhoooHooo or at least I hope.

Mar 17, 2010 10:30 AM

Kate Elim

Dockside Realty - Spotsylvania, VA

Realtor 540-226-1964, Selling Homes & Land a

Hi Cindy...Congratulations! Hope my clients have similar luck. I just sent them a contract for signatures, etc. for a short sale. Although it is not with BOA I'll have my fingers crossed that the outcome is like yours.

Hope today's showings materialize into another contract for you.

Kate

Mar 17, 2010 02:13 PM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Kate-I'll try and send the luck your way too. Now I just need to get SunTrust to respond to another short sale listing. All in the day of a Realtor!

Mar 18, 2010 12:38 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

YAY! How about a bouquet of shamrocks at closing! Was it the luck of the Irish? You or your clients Irish?

Mar 18, 2010 01:57 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Judi-good idea. I think I'll buy some chocolate gold coins and put them in a little green bucket for closing :-)

Mar 18, 2010 12:43 PM

Claudette Millette

The Buyers' Counsel - Ashland, MA

Buyer, Broker - Metrowest Mass

Cindy:

It sounds as though you had a good reason to celebrate St. Patrick's Day. Another "Lost" tale for B of A. I am glad the buyer hung in there.

Mar 19, 2010 12:16 AM

Russell Lewis

Realty Austin, Austin Texas Real Estate - Austin, TX

Broker,CLHMS,GRI

Cindy, it does take patience and resolve and I am in the same process now. Unfortunately, after 5 months of going back and forth we got approval and everyone signed off including a reduction in the commission by the bank at the last minute. I hope this is not the case in your transaction.

Mar 19, 2010 01:21 AM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Cindy, it sounds like you and your buyers did find the pot of gold! Good reason to celebrate, congratulations!

Mar 19, 2010 10:10 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Claudette-I am too. Today after 90 days I got a request for updated financial information on a SunTrust short sale listing. Helllooooo if you had responded to the file months ago everything would be current :-)

Russell-no this one is a Fannie Mae loan so they can't ask for a commssion reduction. I have a Chase one where they just did but hey if it is going to settle I'll take a bit less not to have to call them every 48 hours.

Mary-the big celebration will be when the settlement is complete.

Mar 19, 2010 01:45 PM