We had a great experience with a Bank Of America Short Sale this year.
We’ve been working a short sale on this property for quite some time, burned through a few offers due to the long delay in response from Bank Of America (this was prior to the Equator System — and right as they were phasing into it, so there were some delays as they transitioned probably millions of files into Equator).
We had an offer make it through negotiation into approval, the inspections begun and then disaster struck. The buyer’s disapproved of the inspection and walked.
Being a proactive listing agent, we had another offer in hand, similar price and terms (same net to the bank), we submitted this offer only to have it declined. The reason states was “we’ve reached or maximum amount of files the investor will allow us to negotiate, your seller must either foreclose or perform a deed in lieu of foreclosure.”
We passed this information along to our client and released the listing.
Turn the clocks forward to today… nearly a year later.
Nothing has happened. No deed in lieu, no foreclosure, nada, zilch, hmmmph.
Has this file gotten lost in the shuffle? Perhaps it’s part of an elaborate inventory arrangement keeping large amounts of shadow inventory off the banks books, who knows…
What do you think?