subject: Will Your Short Sale Deal~transaction With Bank Of America Take Forever? [print this page] Due to Bank of America's acquisition of Countrywide Home Loans which was ill-famed for offering bad loans during the housing boom, they are dealing with more short sales that any other company. The bad news, however, is that almost any real estate agent trying to work out a short sale deal with Bank of America is frustrated with the sluggish and painful process.
There are a number of things why a short sale transaction in Bank of America is rather difficult compared to other companies. One, Bank of America only approves a short sale file with only one agent. They don not allow the same agent to represent both sides of the transaction.
But for real estate agents, this is a total royal pain in their business, especially if they have a potential buyer in the property they listed. Surely, Bank of America is doing this because of two main reasons - to get the best purchase for each home that they approve, and eventually help them stay out of potential legal issues in the future.
Another thing is that Bank of America requires that buyers get prequalified with BOA before they will accept a short sale offer - a total smart move indeed. But for people who are trying to buy short sales, and who are already prequalified with other banks, this is a total pain. Bank of America knows this, of course, however, they are still requiring this because of two major reason - they might actually get a few more loans out of the deal, and this will help them get business in a time of major losses.
Looking at it positively, Bank of America is indeed in a difficult situation because they are losing millions everyday. But even if their policy is irritating for real estate agents, they have to do everything they can so as reduce their losses and make a profit.
Bank of America is wasting America's money! In my state at the present, they have paid the attorney's fees to foreclose approximately at a low end of $40K and surely will continue to face the same or worse market conditions.
by: Maria Valenzuela
welcome to Insurances.net (https://www.insurances.net)
