At times this question seems like an urban legend - much like Bigfoot, the Loch Ness Monster, or an honest banker. But I digress . . .
I have read and heard that some folks have been successful in having the B of A Item #10 stricken from the short sale approval letter. I am just very curious to see if anyone has been able to get this accomplished here anytime in the last several months, and what may have been among the reason(s) why they may have been successful in getting Item #10 waived/stricken/removed.
We are working on a short sale where there are rumblings that the title company may not insure the purchase if Item #10 is on there, and if that is the case, the buyer may walk altogether. Of course we would hate to see that happen. We understand that B of A has to approve the short sale, but this item is placing a title restriction on a property without BOA even being a seller or actual party to the contract. We also understand all the gibberish about the bank concerned about the property being flipped - all relevant disclosures have been made.
So, has anyone had success in getting this item removed? Would appreciate any and all good feedback and even the relevant horror/success stories.
Thank you.
Tags:
Rolando- I'll see what I can come up with..
What we have done is to get the title company to work around item 10. I believe that title also sends a notice to Bank of America removing itself from liability.
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