Worked for the past 11 months on a Bank of America Short Sale. BOA approved the short sale both on first and 2nd. Contract called for closing by July 30 2010. Buyer placed cash funds in escrow to close and record tomorrow. Bank of America foreclosed on the property today. They would not give a 24 hour extension. We begged. Who pays the difference, the continued losses, yes we the tax payers. This is the worst experience in my 33 years as a broker. I heard over and over again today, no common sence, it makes no sence. Its … (7 comments)
short sale: BOA Shortsale Is Litigation Coming
- 05/12/10 03:56 AM
Just learned on my "Short Sale" with BOA is going to sell today as the process has gone on way to long. (Aug 2009). Go figure we have had a all cash buyer since the same time. There is something very wrong in the picture. In addition our negoiator at BOA last day on the job was last Friday. Zero communications, zero responses and the neigoaitor still has task to complete and BOA wants to foreclose today???? I smell Law Suit! … (1 comments)
short sale: Short Sales Downsize Risk- Be Careful
- 08/18/08 03:12 PM
August 18 2008 by Jim W Hildreth RE/Max of Sonora As each of us knows that one markets a "Short Sale" both the consumer and the agent takes a risk in the final outcome. I have been involved in a "Short Sale" since early July; today after nearly 70 day's we found out our short sale was approved subject to the investors approval. We were told know we must wait up to an additional 30 day's for the next phase. Today I talked with an MLS member who stated he has been waiting nearly 4 months, in the end the … (4 comments)
I listed a Sonora home several months ago a pre-foreclosure. The sellers of the home are about 8 months behind in payments and the sellers were told by the bank that rather than accepting a Deed in Lieu of foreclosure that would prefer seeing the home listed. The sellers have limited income, the husband was off for about a year due to a job injury. The sellers did not want a foreclosure on their record. We listed the home to get the attention of the open market and our office … (1 comments)
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