Bank Of America | Short Sale Fiasco
It's been at least a day since I wrote something on Bank of America, and stories continue to come out of the woodwork about all the short sale madness surrounding them. I read an article today in the Herald Tribune about an Australian couple that moved to Florida and have been trying to purchase a Bank of America Short Sale since September of 2009, quick hint they are still working on it. The story is told by the Real Estate Agent that has been working the deal:
"Together the buyer and the seller convinced me to take the listing and begin preparation of an offer for what was for now going to be a Short Sale. The buyers and the sellers completely understood the nature of the short sale and of the length of time it may take to resolve the sale and the purchase. A Current Market Analysis, (CMA), was prepared and shared with the seller who agreed to a list price of $150,000 in line with the CMA recommended price, based on recent sales prices in the area as well as an awareness of what repairs were needed to make the property habitable. In early September, 2009 all documents were prepared, (62 pages in all), and submitted by fax to a number, (716 635 7255 and 888 239 9428), provided by a Bank of America Loan Mitigation Department employee, (Andy, 1st name only). Several days of follow-up calls, to the person that provided the fax numbers, revealed the first problem, no one would/could confirm/deny the receipt of the documents, (Although a successful fax transmission report was provided). At this point, even though we had already submitted all the required documents, I choose to turn over the negotiation to our Short Sale department, in spite of the fact that this would cost me part of my commission on the listing and sale."
Rather than rehashing the entire story right here you can read the rest by clicking here.
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