Submitted package with initial offer on December 24th, received approval on January 5th. Buyer performed inspection on property and decided to walk on January 10th. Put it back on the market and received an offer on January 12th for $9k more than the first offer was. They performed their inspection and asked for a reduction of price by $7k. Sent new HUD-1 to Bank of America and they allowed the new buyer to be inserted on January 19th.
Closing is today, February 16th.......54 days from time of initial submission.
This was a 2nd lien with Bank of America where the first was not being shorted and B of A received 20% of principal balance. Remaining amount to be charged off.
Never once spoke with the negotiator directly as all communication was via fax and they never wanted the whole short sale package, just the HUD-1, financial worksheet, their forms filled out, and that is it. No listing agreement, no purchase and sale, not even remotely interested in who the buyer was. It was all about the net.
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When BofA is the second and the first is not shorted- you can get those done and closed in a few days. Good for you! Those are the best ones!
But we are tired of buyers walking on the home inspection clause so they have to do those as soon as we go into contract or shortly thereafter. No more walking over a broken garbage disposal!
When BofA is the second and the first is not shorted- you can get those done and closed in a few days. Good for you! Those are the best ones!
But we are tired of buyers walking on the home inspection clause so they have to do those as soon as we go into contract or shortly thereafter. No more walking over a broken garbage disposal!
So what about the BOA 30 day hold period before you can re-sell?
There was not this language in there.
Eddie Kearns said:So what about the BOA 30 day hold period before you can re-sell?
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