I am on hold waiting for REDC to explain to me what "marketing period" is. She claims it is the amount of time allowed by them to handle a short sale. I say it is the amount of time an active listing is allowed on the market before the cooperative short sale expires. IF a purchase contract is not received within the marketing period of 90 or 120 days the coop short sale is declined. Otherwise the coop short sale must conclude to its end.
A purchase offer was signed two weeks after the coop listing was on the market. All counters were excepted, agreed upon. Been waiting for an approval letter over a month now. Suddenly we receive a letter coop declined due to the marketing period expired. We have other coop short sales longer resulting in approval letters.
I have been back and forth with them that they erroneously declined this coop. Nobody wants to find fault with themselves and blame everybody else. BOA blames REDC. REDC blames BOA.
Has anybody else been through this?
**********************************
like buttons
Comments
Yes. Keep at it. Try to find a manager. Also, have you looked up the Coop guidelines on B of A's website: https://agentresources.bankofamerica.com/shortsale/program
Find the part that pertains to the timelines, copy and send to them. Best of luck!