Comment

Comment by Sara Vella on February 5, 2010 at 10:09am

Thank you for your valuable advice. I really hope this 90 day thing is not true.

Comment by Dominique Van Ryckeghem on February 5, 2010 at 8:08am

Hi Sara,

BofA has no say in this and furthermore they will do a short sale if it nets them more than a foreclosure.
More than likely what they get out of this is more money from whomever believes this. Trust me, they're always in collection mode.

Comment by Sara Vella on February 2, 2010 at 6:55am

Mathew,
Thank you for taking the time to comment on my issue at hand. I appriciate your inut and your knowledge .

Sara

Comment by Matthew Smith on February 2, 2010 at 6:30am

Sara. This could very well be an FHA insured loan, if that is a requirement that they are putting on you. In order to engage in the FHA Pre-Foreclosure Sale Program, you have to agree to be willing to market your property for 90 days. This actually doesn't apply if you have a pre-existing buyer though. Sometimes people will find someone ( a local investor, or other buyer) to make an offer so that they can have this pre-existing buyer to speed things up. Once you turn in an offer, they will order an appraisal, check title and see if you are eligible to be accepted into this program. IF so, they will issue an approval to participate letter. That starts the 90 day clock. If your offer falls within 88% of the appraised value, then they can immediately accept your offer. If not, they will ask you to list the property with a Realtor and find a buyer willing to pay that amount. The second month the allowable offer can be 86% and the third month it can be 84% of the appraised value.

If it is NOT an FHA backed loan, then you can tell them that you have been marketing it FSBO up until now because you owed too much to pay a Realtor. If you have questions about more BOA stuff feel free to shoot me an email [email protected]

Comment by Ray Saenz on February 1, 2010 at 7:05pm

Sara,
I know that you require to market the home properly, but I don't think that it is true that, an offer is an offer and it does not make sense to keep it on the market for 90 days and if you don't get more offers within a month it means that they don't like a lot the home or it is not priced as buyers expect.

Comment by Bryant Tutas on January 29, 2010 at 1:07pm

Sara. This is news to me and I deal with BofA short sales every day. Either this is something new or someone is mistaking. Of course I have also never asked them the question. We just place the property on the market, find a buyer and then we contact the lender. That's what I suggest.

Maybe it would help if you found an agent on this site to help you.