BoA Short Sales

Real Estate Agent with Cherry Creek Properties LLC

There is a home that has been listed since Jan 09, later in 2009 became a short sale.  There have been 4 short sale offers on this home, all of which went away for a number of reasons.

A qualified short sale offer was presented in early May, BoA countered, buyer matched BoA's counter offer and as of July 26, 2010 NO ANSWER from BoA, NO Approval Letter!  Seller has not made a payment in over 14 months!

Recently a Title company said, Bank of America is foreclosing on almost ALL properties...short sales are not going through!

What is going on at BoA?  Our tax dollars at work?  I don't believe so!  I have read many blogs and my suggestion to all agents...short sale by BoA...don't list it, don't spend your time until they figure it out.  Their investors should FIRST decide what the bottom line is, a BPO could be done with an appraisal, then an Approval to Sell letter is prepared and ready to go as soon as a qualified buyer presents an offer!  The house is not listed until BoA's DUCKS are in a row!

Posted by

Joyce Sedam standing small




 Joyce Sedam




Comments (3)

Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Your post is the second time I have heard this today.  There actions are certainly curious. ~ Doug

Jul 26, 2010 10:15 AM
Jeff Jasinek
Clients First Realty - Peoria, AZ
Realtor-Clients First Realty, LLC

I just had to submit a separate BofA LSR for a BofA short sale.  Even though my buyer was already squared away with Castle & Cooke Mortage, regardless, it was a little odd because BofA wouldn't even accept any offers made on the property without an LSR for the buyer from BofA.  Weird.

Jul 26, 2010 10:42 AM
Joyce Sedam

Thanks for the heads up.  I will ask if that is what they are waiting for and just haven't had time to ask!

Jul 26, 2010 11:14 AM