I have a buyer that put in an offer on a short-sale on July 5th. That was over two months ago. I have been wanting to write this blog to outline the progress of this short sale and I keep getting delayed. No worries though, I knew I would have plenty of time with it being a short sale with Bank of America. In other words- It isn't going anywhere.
I plan on updating this from time to time until the deal is closed (me thinking positively!).
We put in a great offer for this particular home. Based on what the bank owes, and the 2nd loan- it should be a no-brainer deal. My clients have money, they are qualified AND they are willing to wait.
This one is being handled by the pros. Not that it matters, but EVERYONE involved is in the real estate business and knows how to work a short sale. The listing agent is experienced, and the seller is very cooperative (and also an agent). To make things even easier, the seller hired a title company that helps with negotiations. This company has closed 200 short sales already.
So, you would think this would go smoothly, right? Well, so far we are starting month #3 and we have not even been assigned a negotiator! This makes me crazy! I have heard that Bank of America takes anywhere from 4-6 months for an answer, so I know we are in for a long haul- but hopeful.
Now, the problem. The notice of election and demand has been filed, and the sale date is scheduled for December. That gives us plenty of time to get this closed if everyone does their part.
Does Bank of America NOT have a clue? If they turn this down, or wait too long- they will own a piece of real estate that will be worth less than the offer we have on the table. I am hoping that sane minds prevail. I will be writing updates and hopefully have a happy ending in the future.
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If you are looking to buy or sell real estate in Colorado Springs, call Kristi DeFazio at 719-459-5468
You can search all of the listings in Colorado Springs at www.servingincoloradosprings.com or www.kristidefazio.com
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