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Old 02-28-2011, 07:56 AM
 
Location: Green Bay Wisconsin
97 posts, read 83,707 times
Reputation: 53

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We just pulled out of a BOA short sale after a very frustrating experience! Our number one piece of advice is make sure the LISTING AGENT knows the process! We lost three weeks due to the listing agents mistakes, she clearly did not know what she was doing. Please be sure to do your homework before making an offer, we thought we knew what we were doing but after every little issue we would do more research only to find out we were wasting our time.

It is important to know what the seller owes on the property as well, at the end another hold was put on the offer due to the seller having PMI.

Google the following words and it will be an eye opener for sure!

BPO
Equator
Counter offers on short sales with BOA

We did end up purchasing new construction within the same complex, the anxiety of the short sale is all but a bad memory now!
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Old 02-28-2011, 09:12 AM
 
Location: Cape Coral
10 posts, read 14,306 times
Reputation: 17
Brings back bad memories. In 2004, we purchased a home in Ohio (our last residence before moving to Florida). The house was being sold to settle an estate; and the deceased seller had first and second mortgages on it. Mortgage balances were more than the house value. It took four months to close. At one point, BOA requested copies of CURRENT pay stubs from a guy that had been DEAD for several months. Very frustrating experience.
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Old 02-28-2011, 09:18 AM
 
Location: Green Bay Wisconsin
97 posts, read 83,707 times
Reputation: 53
I should add that if the seller has a second mortgage on the property do not even consider an offer on the short sale, that much we knew in advance.
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Old 03-07-2011, 12:42 PM
 
Location: Cape Coral, FL
646 posts, read 867,931 times
Reputation: 356
Short Sales should be called LONG sales. Nothing short about them. Congrats on your new home Colbalt!
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Old 03-07-2011, 07:01 PM
 
31 posts, read 42,436 times
Reputation: 18
We are dealing w/ a shortsale in FM and it is absolutely a LOOOOONGSALE for sure. Every time you think you are making progress, something else comes up. What we have done is kept going on the SS while still looking for other homes. If something better comes up, we will dump the SS, if it works out down the road, then good too. We are fortunate that we have time on our side. If we were under any time restraint, I would have dumped the SS months ago! Best of luck in your new home!
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Old 03-07-2011, 08:20 PM
 
Location: Green Bay Wisconsin
97 posts, read 83,707 times
Reputation: 53
Thank you all for the well wishes!

We actually will not get into the property until next year, they will be breaking ground in June or July? The main reason we dropped out of the SS is the limited availability of the actual unit (Model) we wanted and price incentives that were offered last month. We really were in the SS for the long haul but the chances of our SS purchase working out were slim to none, there were certain circumstances in this sale that were NOT looking good?
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