Comment

Comment by Steve Early on January 3, 2011 at 10:47am

Hi Scott:

This isn't anything new (well maybe to ING, but not in the insanity industry). Several months ago Bank of America announced a similar policy with any Fannie Mae loans they had, but the time frame was 21 days. The rationale was that unless they had everything they needed at least 21 days prior to the auction, they didn't have enough time to complete the short sale. We have lost several properties to auctions over this. One had all their paperwork in except the offer which arrived 14 days prior to the auction. We could NOT get it stopped. We talked to Bank of America, Fannie Mae, a Congressman's office, the auction attorney, the local HUD office ... it's pretty pathetic and short-sighted in my view.

My most insane transaction of the week ... Bank of America just gave us a counter-offer on a deal that will increase their net by $3.90. That's right, three dollars and ninety cents. They'll spend 10 times that in labor to get the counter-offer to us and deal with it when we agree to their new "terms". I really do think they've lost their minds.