Situation: Bank of America. About 400K upside down. Large loan.

Questions:

1) What do you believe the odds are of closing a short sale with B of A at this time? I would have the Buyer.

2) What are the odds the bank would counter with an over market value counter?

3) How long do you think it would take?

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My radar is up big time for a Bank of America short sale. Here's why: they are going to drag it out for three months, totally play with the seller and then sell it to Nationstar, then, they will drag it on, make the seller go through their "waterfall program" which will take 90 days, (seeing if the seller qualifies for a repayment, loan modification, any other repayment plan besides a short sale) and it doesn't matter if the seller went through the program with Bank of America, BEFORE, the agent took the short sale.(Hopefully the listing agent that you had did that) Then, once the seller has gotten the congratulations for the seller and they can now do a short sale, the bank throws a curve ball: AUCTION.COM..so whatever buyer is in place can be screwed out of the short sale, now remember,  you are going on 120 days by now given the Bank of America timeframe. So this buyer in place, who waited all this time for the short sale approval will now be temporarily kicked out while the bank puts the property on AUCTION.COM..as the bank will try to get even more money for the short sale not caring if the buyer in place had a good offer or not. Add another three weeks while the bidding process begins on AUCTION.COM..after the three weeks, they are SUPPOSED to give it back to the original buyer in place, if they hadn't bailed by now, for the seller to process the short sale. But I heard from another agent that AUCTION.COM didn't do that, they tried to relist it for another three weeks and now that agent is going to lose it to foreclosure because, the original buyer walked and now they can't get an offer on it. After AUCTION.COM didn't work and seller don't have an offer, they immediately start foreclosure proceedings. I am going through the same thing right now  as a listing agent and I fought so hard for the buyers' agent and the buyers in place but I got very lucky! It is a FHA short sale. I had to call HUD to get confirmation that they can't do auction.com and finally after many, many phone calls and left voicemail messages HUD said that they can't go through auction.com if the seller doesn't want that so now I anticipate that this short sale is going to close like normal. My advice: tell all parties involved everything I just said. But if there is another house that your buyer wants, let them pursue that and wait for this short sale that you didn't wait for and waste time on to go to AUCTION.COM, register yourself and your client and there is a spot you can register as their buyer then have them bid, but they are going to have to pay a 5% premium to use AUCTION.COM and if you got the patience of a saint and you get a buyer that has the same patience and is willing to take the chance, cross your fingers and hope your buyers are the winning bidder! I would not put any buyer through that until it goes to auction.com especially if there are other homes that they are interested in...GOOD LUCK

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