BofA Investor Property Short Sales
I have a possible short sale going up for sale with an investor. Property is currently rented for the next 3 months and investor is not behind but is losing money on the home. He was told he cannot do a short sale because he is an investor....I HAVE NEVER HEARD THIS AND HAVE LISTED AND SOLD SHORTS FOR INVESTORS...
HELP....Anyone have insight on this or has he just heard bad information...again, I have listed/sold shorts for investors prior to today, but I do not want any surprises when we get him listed....Any Info. on This Would Be Great!
Replies to This Discussion
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Permalink Reply by Ben Racela on
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Hi Melissa,
I have not heard of that from any lender and believe it to be incorrect information from the lender.
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Permalink Reply by Melissa Polce on
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Thanks...chalk another listing up for the kid, I am calling him now...A Beer for Ben! Thanks
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Permalink Reply by Smitty on
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Melissa who did you talk to? I dont even talk to the bank until I have an offer in hand. You can call one person one day and get one answer and call another answer another day and get something totally different.
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Permalink Reply by joe beauchamp on
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Who is the investor? It is the investor, not the servicer (BOA) who sets the guidelines.
Ginny Mae will not do a short sale for an investor. Their mortgages spell out that it is for residence only. I had one denied because the owner moved out and turned some of the house into apartments. But Ginny Mae is strange - loves to cut off its nose to spite its face. (I know of another where the owner proved in court that he was not notified of a deadline. Ginny Mae didn't care - he missed the deadline, therefore he can NEVER do a short sale on that property with Ginny Mae.) Hmm... I wonder what shape that wonderful asset is in by now... Brilliant investor.....
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