I've been waiting for Bank of America to sign off in the 2nd position on a strong offer from Litton so we can close another short sale. The numbers are there -- BAC will receive just a little more than the 5% of 1st lienholder's net, which is right in line with the stated guidelines. But the negotiator called me this week to tell me that they can't allow the title to change hands to an LLC.
Uhh, what?
They want the authorized signer for the LLC to actually be the named buyer, along with the LLC.
Look, I've seen the improvements in BAC's short-sale machine and I've even stuck up for them a few times when clueless agents rant. And I get the fact that there are a lot of short sale "gurus" pitching their assinine programs for A-B-C purchases of short sales, which by the way are not illegal! But come on ...
So we're going to amend the contract and change the buyer name so that we can close this deal.
This short-sale game is ever-changing, and you can't rely today on what worked yesterday. You have to stay on top of things and be flexible, for the sake of your client.
Photo courtesy of m_bartosch
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