Let me begin this post by saying up front that I am not a foreclosure Realtor specialist. While I do list and sell some foreclosed properties, they aren't my focus and/or speciality. Thankfully, in Oklahoma we don't have that many foreclosed properties and most of the foreclosure market was snatched up long before I ever would have had a shot at it. I'm sure there's lots about foreclosures that I am woefully ignorant of and simply do not know. Maybe that is a good thing.
With that having been said, there is a new wrinkle I'm beginning to see in our foreclosure market. It goes like this..."Bank of America approval required..."
The first time I saw it, I had to go back and read it again. Then I called the listing agent who told me that while my buyer didn't HAVE to go through Bank of America, they would have to talk to the Bank of America loan guy and go through a simple application and approval process to buy the house.
Needless to say, when I spoke with the actual loan officer about this new wrinkle on the landscape, he was none too pleased. After doing what we felt needed to be done to protect our buyer, we sent her off to have her visit with Mr. Bank of America loan guy. A day or so later he told us that she smelled okay and that when he frisked her, she wasn't hiding any bad credit scores anywhere and that she would be okay to buy the house. Whew! That sure made us feel better about our previously pre-approved client!
We already deal with being forced to use closing companies not of our choosing, which I believe is...uh...illegal or something like that. Now, we have to get a second approval from Bank of America in order to buy one of their foreclosed properties? Seriously?
I supose Bank of America is so smart that they no longer trust any other Mortgage company on the planet to be able to do their job. Or maybe they just are over reacting to the housing market crash. Or maybe they're just that good.
Whatever it is, I don't understand. And I don't appreciate it either. And neither has a single client I've worked with who has had to jump through their little special "come and talk to us" hoop.
Real Estate Foreclosures. Grrrr.