Special offer

The Bank of America Short Sale Service Release

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

short sale service releaseThe buyers for this Sacramento short sale are still hollering and screaming about the service release. They want to sue Bank of America and Seterus and probably everybody else connected to the transaction because their short sale was rejected after being what they deemed to be "approved" in their eyes. Except it was not approved. A preapproved Bank of America cooperative short sale is not a short sale approval. It is a preapproved price and the bank has agreed that the seller can participate in the short sale review, but it is not an outright approval. This is a very important fact that is often ignored or overlooked.

Now, I can say that except for this particular short sale, I have never had a preapproved cooperative short sale denied before, not in my recollection. All of my preapproved Bank of America cooperative short sales have closed, except for when this service release happened. Read more in my personal blog about Beware of the Short Sale Service Release.

Posted by

elizabeth weintraub

 

 

Weintraub and Wallace Realtors

 

 

Elizabeth Weintraub reviews

 

 

 

Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments (4)

Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I had a preapproved BOA Cooperative Short Sale countered three times a few months ago.  It was maddening and I really didn't get it.  It can happen.

Dec 05, 2012 02:28 AM
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

Elizabeth - I am working on a short sale right now that the first mortgage servicer has been changed 3 times and the second mortgage servicer has been changed twice.   Both are now with Chase and it looks like (keeping my fingers crossed) that we might actually get it done. 

Dec 05, 2012 06:53 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 We have heard good news and bad news about our new pals at Seturus...so far....a notarized authorization is waaaay over the top and their attitude less than customer friendly....not really what one would call an improvement !

Dec 05, 2012 06:16 PM
James Dray
Fathom Realty - Bentonville, AR

Elizabeth someone else wrote about the same issue I can't remember if it was yesterday or earlier today.  Interesting I wonder how long this will go on before there is a revolt.

Dec 05, 2012 07:41 PM