My Life as a San Francisco Realtor: California: Novato

All this talk about BofA Short Sales

All this talk about BofA Short Sales

I had a Short Sale a number of years ago in Novato, CA. It was actually a pretty popular listing and had a lot of interest. I marketed it well, on Century21.com, Trulia, homes.com, Zillow, and lots of other sites.

We had a lot of agents showing the home, and received a number of over-asking-price offers. The sellers selected one, and we were off to submitting the offer and all supporting documents to Bank of America. This was before BofA's Equator web site, so everything had to be faxed in. Three times. Finally received confirmation that all required documents had been received.

Things went back and forth. Updated pay stubs and bank statements were constantly requested. Long waits between each request. Also had a 2nd loan to deal with. I have to give the buyer credit, she hung in there. It was approaching one year.

Finally received Short Sale Approvals! But the buyer had just changed jobs..... Now she couldn't get the loan. Back on market!

Within a short time we received a New Offer. ALL CASH. Close in 7 days. Got BofA Short Sale approval a month later. Hooray!

Meanwhile, the sellers got a letter from the "Investors". Offered them a LOAN MODIFICATION. It was decent for what it was, and would allow them to stay in the home another 2 years before rates went up again. Asked them to pay $3000 up front. They said YES. Short Sale CANCELLED. Can you believe this?! Believe me, it's true. (Don't know what happened to the 2nd loan.)

Hmmmm.... Need to contact these clients again. Maybe they're ready for another Short Sale!

So if you think BofA Short Sales are bad now, remember the good ole days.....

 

John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area

Comment balloon 18 commentsJohn M. Scott • August 14 2011 11:20PM
All this talk about BofA Short Sales
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All this talk about BofA Short Sales I had a Short Sale a number of years ago in Novato, CA It was actually a pretty popular listing and had a lot of interest. I marketed it well, on Century21. com, Trulia, homes. com, Zillow, and lots of… more