I just had this lovely cooperative short sale all set up with a cash buyer. Sent him the Bank of American buyer's disclosure when lo and behold buyer is an executive with Bank of America. What is the reasoning behind them not allowing their own to buy residential property in a short sale when they are offering the full price requested by the bank? No way around it? Anyone? Or should I just say adios and list it again.
I called Bank of America short sale department. I asked how long the person on the other line handled short sales. She said 3 years. I then asked her if she could buy a short sale processed by Bank of America. She could not answer that question. She should have known the answer straight away. I don't think this type of memo was handed around. On the other hand, the short sale seller is not going to foreclose on his property to accommodate the buyer. There is no way around it, I am guessing, other than the buyer request from his own bank permission to buy.
It's clearly written on the Buyer's Acknowledgement and Disclosure that's been on their website so quite some time.
Ug. That totally stinks, and is completely stupid. Maybe they can get some sort of exception, but even if they do chances are the lowly negotiators would have no clue what to do with it and then just deny the sale.
Find another Buyer.
Thanks, guys. No exceptions to the rule. Next short sale listing with BOA will have this set up in realtor remarks and the addendum signed immediately. I don't normally know where the buyer works when they sign a purchase contract.