I would like to share an experience with you that happened today that made me scratch my head and ask myself, what was Bank Of America thinking? I have a Buyer that I am working with and we put an offer on a Short Sale, yes I know there is nothing short about a short sale. This particular short sale should have been a slam dunk, considering that Bank Of America (the first lien holder) was not going to lose a dime, just the second and third were losing. The second would have still got something and of course the third was out of luck all together. Now we started this process on October 6, 2009. Now here we are January 14, 2010 and we were told earlier this week, that the auction that was scheduled for today was going to be postponed. I get a call this morning from the listing agent that the home had been sold at auction, that in itself was not the worst news, that came when the agent told me that the home sold for almost $50,000.00 less than what our offer was. Now you can call me crazy, but wouldn't that be considered a pour business decision? You know I thought I heard somewhere that banks were hurting. I truly believe they are hurting because if this is how they do their business, then maybe instead of bailing these banks out, we should have just let them fail. This makes you wonder how many of these deals do they just toss $50,000.00 or more out the door. The purpose of this blog is hopefully people will read this and more people people will share the experiences like this and maybe if we are really lucky, our government will crack down on these banks and apply some really stringent rules and regulations on these banks. It would not even hurt to apply some penalties on these banks.
Contact The Author