Hi folks. Many of you may know that the Short Sale lenders are starting to get very proactive with getting short sales approved and closed.
Some of the lenders are even paying the borrowers to do a short sale.
All of this is good except for the part where they are also starting to completely control the real estate transaction.
I really like streamlined short sales but I’m not sure I like this little diddy I received form Bank of America:
- “Borrower is in a streamline Cooperative Short Sale program. We require 3 open houses and a broker tour. List price is determined by the bank’s pricing tool.”
Open houses? Broker caravan? Really?
How can Bank of America have any clue of what works in MY market? The answer is....they don’t.
Fortunately for me I sold this property in less than a week at full “approved” listing price. Now lets just wait and see how long it really takes to receive the written approval on my approved streamlined short sale. Want to start a pool?
Are you under water on your Florida mortgage?