Submit Back Up Offers On Your Short Sales, Here's Why

By
Real Estate Agent with Prudential Calfornia Realty

rocket23 cheers to Bank of America!

What?  Did I say that?  One of the most notoriously difficult banks to work with?

Well, I give credit where credit is due, they did something right this time. 

Bank of America is accepting back up offers on short sale listings now. 

That means that if the buyer of your short sale does not move forward with the sale then the back-up buyer can take over without requiring the process to start again.

That saves months and months of time.  Hallelujah!

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Rainmaker
170,448
Lisa Dunham
Alexandria, VA
Associate Broker, Alexandria Virginia Real Estate

Hi Krista, while some may be cheering ... I am definitely not.  I submitted a short sale offer to Bank of America in January.  To date, Bank of America has changed the sales price 7 times with no approval in sight.  The buyer just walked and well ... who could blame him?  The solution for Bank of America is not to roll out another worthless process that is bound to fail.  If they simply process the offers received in a timely manner, there would be no need for back-up offers.

Jul 14, 2011 05:13 AM #1
Rainmaker
147,409
Krista Lombardi
Prudential Calfornia Realty - San Diego, CA

Ugh....I really hope they get something right.  It embarrasses me that the name "America" is in the title of that bank.  Sorry to hear about your deal.

Jul 14, 2011 06:33 AM #2
Rainmaker
525,654
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

I have a BOA short sale. Dozens of showings with few offers. BOA keeps countering $60,000 higher than market value. Seller gave up and are letting it go to foreclosure, don't want to be bothered anymore. BOA will lose much more because the mold is spreading throughout the house.

 

Jul 14, 2011 03:18 PM #3
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Krista Lombardi

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