So according to my negotiator at Service Link, BofA has a brand new guideline: All short sale buyers must provide proof of funds for Earnest Money & Down Payment at the time we submit the offer. (in Oregon EM is not deposited until we have ss approval).
I am beginning to think short sales will soon be a thing of the past..between Fannie Mae's absurdly bloated valuations and BofA roadblocks get me some Xanax. UGH
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I think this is a good idea. Spending the hours on the phone trying to get the approval and then finding out the buyer already bought another property is really hard to handle. I was at a board meeting and a couple of buyer's agents were talking about how they have their buyers put in at least 15 offers on 15 different properties. When they get an approval then then go in and decide if the buyer wants to buy that one. If the buyer does then they just cancel out the other 14. They also told me that sometimes they forget to cancel out the other offers as it isn't important as it is all contingent on bank approval and if they hear something from another agent then they just put in the cancellation letter. It is a not big deal issue.
I would not submit an offer without POF for the EMD and DP. Maybe that's just how we do it in California, though. Excuse me, are you kissing a fish?
Yes Elizabeth, I am kissing a tuna. This photo helps negotiators remember me, best tool ever. :)
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