Bank Of America Short Sale Closed- It Just Took Them 13 Months!!!
Property Location: Vista Cay Condo in Orlando Florida
Original List Price: $ 194,777
Within 2 weeks had an offer. Buyer walks before short sale is approved by Bank of America.
Lowered the price, received a new offer.
List date to final closing date: 13 months
Amount owed to Countrywide/Bank of America: $320,000
Investor Propery- Short Term Rental in Vistay Cay
Property Owner: Investor- We have done 3 short sales for him so far.
Hardship: Loss of rental income, was denied loan modification, no programs for investors, loss of income on Florida investments
No Promissory Note
Bank of America put in writing that they will NOT pursue deficiency
Note owner: Fannie Mae
Commission: 6%
Sold Price: $ 175,000
Co-listed with Simon Conway of Picket Fence Real Estate
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Bank Of America Short Sale Approved- It Only Took 13 Months! Copyrighted © by Katerina Gasset *2009* All Rights Reserved.
Nestor Gasset and Katerina Gasset- Realtors®, CIPS, ABR, SFR, GRI, REOS
Thanks for the realistic look at short sales. 13 months and reduced prices are not uncommon. Good job hanging in there.
Dan- and no deficiency! It was worth the wait just for that!
You've gotta love the banks right now :-)
Jeff- We really don't have many issues with most of the servicers except Bank of America. But then again, I don't even know one person who even stays with them for their checking accounts. Their customer service on every level stinks. But that is who they are and always have been. I don't like banks and I don't like politicians who cozy up with them either:) ! Katerina
I'm glad you posted this, Katerina. It's good to see/hear about these approvals.
My BofA short sale took 4 months ( and they reduced my comm. to 2.5%).
Katerina - great information!! Now that BofA has done press releases as to them "streamlining and fast-tracking" their short sale department.... what do we think will be their NEW and improved timeline???
Wow, You have a ton of patience that I'm sot sure I would have. I can imagine how happy the sellers are.
Christine- Well, we started getting calls back on our short sales at Bank of America once we found a new contact that had an ear for our complaints about their failed systems.
We used to have an in, we had contacts right at the top, next to Ken Lewis, ladies who had been there for 15 years and more at Countrywide- all got fired- when Ken left. We lost all our contacts and suddenly our short sales at BofA became a lot longer.
We did get an approval in 5 days on one of our BofA short sales!
13 months. Now that's a realistic time frame. You can see the sarcasm between the lines eh?
At least you were able to get Bank of America to waive the deficiency judgment. That is the lemonade in this sour purchase transaction.
Katerina,
Well done job. I am still amazed that you manage to get BoA to waive the right to sue for deficiency. How you do that is beyond me.
Yes, we did get them to waive the deficiency and NO promissory note and NO cash to bring to closing!
It was a long tough battle and had to take this all the way to management- ask Simon what a nightmare this one was! But we made it through and the seller loves us! He listed more of his properties with us!
Katerina,
That was great that you got the bank to put in writing not to pursue deficiency judgment. Many lenders try to slip that possibility in the fine print.
Well done Katerina. I'd be interested in seeing an approval with the "no deficiency" language in it. I could throw it at them the next time they say it can't be done. Want to share?
Good job hanging in there and getting it done.
Congratulations on the sale Katerina. Yes Short Sales doe close, when we are persistant!
LOVE THIS POST!!! GOod to see these short sale news from you all the time. One of our short sale property is taking a decade to close! Yikers!
Sad that it took so long but I am glad to see you had a successful closing.
The least amount of time I've had one close with BOA is two months. Thirteen months is unforgivable......but at least it closed.
The shortest Bank of America time we have had was 3 days! The longest one is still going on, going on near 2 years! But BofA does not have delegation authority for the note owners on that one and it is the note owners that are being real pains.
The shortest Bank of America time we have had was 3 days! The longest one is still going on, going on near 2 years! But BofA does not have delegation authority for the note owners on that one and it is the note owners that are being real pains.