Wednesday, October 14, 2009

Fremont CA Short Sales Can B of A Pain

A VP of Bank of America Home Loans gave me a call the other day and provided me with something that eased the pain of the short sale disease I have been battling. He said that If I had a short sale with Bank of America, meaning that the home being sold has a loan greater than all the selling expenses combined, he had help.

Simply put, he was going to do something about the short sale I just listed and went into a purchase agreement with. For example, I have a short sale in the Parkmont area of Fremont, That recently got an offer on it. The existing loan on the property is with B of A. Turns out, the new buyer had sought out a B of A rep to fund the loan for the short sale purchase. To paint a clearer picture here, the loan is going from B of A to B of A, so I guess it is a bit easier.

The real magic takes place within the B of A system. Instead of going through the whole "90" day process they once told us, (we had another B of A short sale for 6 months now), the bank said it will take about 60 days. Shocked, we had to move a few things along somewhat closer to the normal speed of doing things. It looks like they may move in before the Holidays after all.

By Jeff Pereyda

1 comment:

Sandi said...

Interesting. Ed has had two short sales through B of A and they were both nightmares! No answers to phone calls or mail, lost packages, total lack of help of any kind from the bank, conflicting information, rudeness - the whole gamut. One deal started on May 6th and has yet to be completed. In fact, they were working on the short sale in one department and started foreclosure in another. Apparently none of them talk to each other.

Our offices motto is to avoid B of A whenever possible!!