The 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.
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