Bank of America short sale closing today!
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.
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Good work Tim! Wish they were all this smooth!
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Permalink Reply by Wanda Kubat-Nerdin on
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Congratulations Tim! Another short sale success story!
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Permalink Reply by Susan Neal on
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Wow, Tim! Congratulations on getting a great negotiator who seems to have known what he/she was doing, as well as you knowing what you are doing. Good deal!
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Permalink Reply by Katerina Gasset on
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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! -
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Permalink Reply by Tim Schmitz on
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Yes, we are now requiring the buyer to either perform the inspection upfront or deposit the earnest money right away with $1,000 of it being non refundable if they walk. At least then they have some skin in the game.
Katerina Gasset said: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! -
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No BPO was ordered as far as I can tell. When the homeowner called in initially, they had a few numbers in their system that they told us about. The previous appraised amount from when the seller took out the loan, the current AVM value and also the foreclosure value. The first mortgage was at or very close to the foreclosure value, so when they saw we were giving them 20 cents on the dollar, it made sense for them to take it I guess. They said the sales price needed to be at least 85% of their AVM, which it was and we got it done.
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Permalink Reply by Barrett Thomas on
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Good to hear. I just submitted via Equator. 2nd TD will be receiving approx. 40% of their balance. I'll be curious to see how long it takes also.
Katerina Gasset said: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! -
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Permalink Reply by Eddie Kearns on
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So what about the BOA 30 day hold period before you can re-sell?
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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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Have you dealt with BOA before this, and in your experience, have you ever had to deal with the 30 day hold situation that I keep hearing about. Everybody is telling me that if it's a BOA short sale to pass on it, because of the 30 day thing.
Tim Schmitz said: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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