Just got word that BOA flagged IH2 Properties and will not approve a short sale with them as the buyer. This has been in since DEC. Can not get any one to tell me why and went up the ladder. Has any one else had this problem?. I also tried social media to no avail. HELP!!! We have the seller.

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Going back to the FNMA post about market times... If BofA does their due diligence and determines what they will allow a home to be sold for, they should not care who is buying providing it is an arms length transaction.

If Blackstone is willing to pay what BofA needs in order to release the lien, what is the problem?

Yea .. that's the question. Find out B of A's reason, if any, or if the person who told you that is reading from company guideline or uninformed.

There could be a "relationship" between Blackstone / IH2 and BofA that makes it NOT an Arm's Length transaction.

I think there's a lot behind the scenes that none of us will know about until a couple of years from now.

Apparently Blackstone Group and a few other Private Equity Firms are being sued for collusion.

Fromt Reuters:

A federal judge has ruled to advance a lawsuit alleging collusion between District-based Carlyle Group LP, Goldman Sachs Group Inc., KKR & Co., Blackstone Group LP and other major private equity players, Reuters is reporting.

The lawsuit, filed in U.S. District Court in Boston, accuses the private equity companies of conspiring to drive down prices on companies they sought to buy, according to Reuters.

While the judge dismissed defendants Apollo Global Management LLC and Providence Equity Partners Inc. Thursday, the court ruled there were still significant questions as to whether the other defendants were part of a scheme to drive down prices on some $250 billion in takeovers, Reuters reported.

The case was brought by owners of formerly publicly traded companies acquired between 2003 and 2007 by the private equity companies.

Could be that Bank of America may have just gotten wind that Blackstone is being sued just recently and so has just now FLAGGED all of their entities.

Wow, thx for the info! I have to give a plus to BofA for stopping someone else from pillaging the remains of our real estate. It would be unlikely but better if they freely let agents know why/what is going on. I don't expect that.

Still, wouldn't a cagey BofA just boost a counter to something above market value such that IH2 is paying market or more? It isn't like IH2 can't buy the house next door for market value and there is a chance that the investor would get the best dollar for the property. Looks like a lot of politics could disappear if they just did a decent appraisal and priced accordingly. Just what is BofA protecting by refusing to sell to IH2 at any price?

I somehow always manage to agree with Jeff.  I don't see an issue so long as they are paying just like anyone else would and if you think about it, who is the investor?  why would it be ok for Chase and other servicers to ok Blackstone to buy but BOA won't?!?!?!  Doesn't make sense.

I think the long game is often a problem in this country.  Some rules are needed. Like what is wrong with Goldman buying up aluminum in the US? We have a law in place requiring them to ship 3000 tons per day (obviously, someone was concerned with hoarding an important commodity - oops, there goes free market). Yet, Goldman ships 3000 tons from one warehouse to another. They bid futures short or long depending upon how they want to ship the stuff and the estimate is that it costs Americans $3.6BB/yr doing this. Insider trading if stock market, business as usual for commodities. OK or not? I say not.

[I agree with you for most of the convoluted bank rules, but feel wild-west "capitalism" isn't quite right, either.]

They are not capitalists .. they are bankers .. Goldman is an investment banker. Unregulated. Most capitalist ventures are regulated. He who owns the gold ...

Actually, I am relieved to see Bank of America implement this policy. I advise my sellers not to accept offers from Blackstone if there is anyway possible we can accept an offer from an actual owner occupant. Who wants Big Brother taking over your neighborhood or your neighbor's neighborhood, for crying out loud. Their money is not any better than a poor FHA buyer's money, so bully for Bank of America!

Are agents that hard up for commissions that they would sell out? Oh, don't answer that question because i know the answer.

Bank of America is a major shareholder in The Blackstone Group L.P.

http://www.nasdaq.com/symbol/bx/institutional-holdings

Kevin - Thanks for passing the link along - I noticed BofA also INCREASED their position in Blackstone by 80.71% !

I'm having the same problem with RAC2 Investor, but AMS which is the 3rd party for BOA states that they can't accept RAC2 Delaware Corp docs because the company is in Texas. Anyone experience this?

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