A fairly routine Bank of America short sale. This particular client had not made a payment in close to 2 years, and there was not even a lis pendens filed yet. I find this pretty common when the loan is owned by Bank of America.
We priced the property aggressively, and were able to have a solid offer in the first 2 weeks on market. A couple minor snags came up - our file got reassigned to a new negotiator after about 6 weeks of working the deal and the old negotiator not being very responsive. I was told by the new negotiator that " he was no longer with us". I guess there is a consequence for not doing your job as a short sale negotiator at BOA! Anyway, our new negotiator was great, and quickly submitted our file for a streamline HAFA approval. We got the approval letters about 3 weeks after the new negotiator was assigned. Slight problem when the letters came through though - they did not match our counter offer worksheet. So we had to go to the closer on the file, do a deal change to match our agreed upon numbers, and get an amended approval letter. This took 3 or 4 days. Less than a month later, we CLOSED IT!
Here's the details:
Sale price: $50,000
Closing costs allowed: $16,000
Net to 1st mortgage with BOA- $34,000
Net to 2nd mortgage with BOA- $8,500 per HAFA guidelines
HAFA relocation assistance to seller: $3,000
Total deficiency forgiven between both BOA loans: $166,000!!!!!!!!!
Time frame list to close: 103 days
Patrick
Why settle for less than 5 stars?
Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.
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