Horror Stories and Bank of America Short Sale Help in Minnesota by Joe Niece

By
Real Estate Agent with REMAX Results

Bank of America Short Sale Help is readily available if you know where to look for it.  I use to say that your ability to be successful with a Bank of America Short Sale was based on your hardship but as I continue to hear Bank of America Horror Stories from people that have failed at their Bank of America Short Sale and ended up as a Bank of America Foreclosure, I am changing my mind.

I ended up talking to a man who had called his friend and asked him if he knew how to do a Minnesota Short Sale.  His friend gladly told him that he was a Minnesota CDPE or Minnesota Certified Distressed Property Expert.  The home was listed by his friend and his friend negotiated the short sale.

As the conversation went on and I explained more and more about Bank of America Short Sales and how Bank of America has really improved and how we like negotiating Bank of America Short Sales, he became more and more restless and agitated.  

Just about the time I was getting worried that he was going to have a stroke, he blurted out the rest of his story.  Seems things had went well and he received approval from Bank of America on his short sale just before the redemption date from his Sheriff sale.  

Two weeks before his close, the title company called him and asked him to send the short sale approval from his second mortgage.  He called his friend and asked him to forward the 2nd mortgage approval to the title company to which his friend replied "You have a second mortgage on your home?"  

Not only did he end up as a Bank of America Foreclosure, he ended up signing a promissary note to the second mortgage for almost the full amount.  Had his friend had any real world short sale experience, he could have told his friend that the second mortgage holder(in this specific case) would have accept about 10% of the balance.  That would have been 60,000 dollars less.  This is only one of hundreds of Minnesota Short Sale Horror stories that I have heard over the past ten years.

These days when people ask me what determines if a person will be successful with a short sale I tell them the following.

 

1.  Who they hire as an agent to do their Minnesota Short Sale or Bank of America Short Sale.

2.  Who the agent has negotiating their Minnesota Short Sale or Bank of America Short Sale.

3.  What their hardship is.

4.  How much the bank is losing

 

I know that most people would think that #3 was the biggest issue or maybe even #4 but I can honestly say, it is #1 and #2.

 

If you need help, find someone that has most Bank of American Short Sale experience or Minnesota Short Sale experience that you can.  It does not cost anything to hire the best and there is no difference in cost to hire the worst.  The problem is the disaster you are in when it is done wrong as well as all of the financial ruin that a bad agent or negotiator has dropped you into when it did not have to be that way.

Think long and hard about who you hire to be your guide!!

 

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minnesota short sale
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Rainmaker
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Angela Niece

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