Short sale that took a year and a half.

We just got our approval letter on a B of A file that we started on November 4 of 2008. Had an offer immediately. pushed out the foreclosure date on this property 8 times. pulled it from Bank of America to run it through Titanium solutions which was a complete and total failure and back through B of A to finish. Will close it up on the 20th of May. The only way I kept the buyers in the game was to move them into the property and rent it back from the seller. That's my longest short sale yet. I have several others with B of A that are hot on its heals for length of negotiations. Never Give up on these even when it looks grim.

Brian Pitcher

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Comment by Romeo Manzanilla on May 17, 2010 at 9:30am
I have a family member in California that is coming up on a year on their short sale. Here in Texas, it seems like BofA moves much quicker with their foreclosure proceedings than on the west coast.
Comment by Tim Sweeney on May 16, 2010 at 2:31pm
that's what we did with Chase, after 11 months we let the buyer move in rent free he just had to pay utilities. wow a year and a half you are one persistent Realtor.
Comment by Julie Vrigian CSSG, CSSP on May 14, 2010 at 6:40pm
Hi Brian,

I had the exact same situation happen with one of my listings and B of A. We rented back to the buyer when we were confident that we would close and that the buyer and seller were negotiable.

That was about a year or so ago and things seem to be moving quicker now, but you never know. Today a little creativity goes a long way.

Good Luck with all your future transactions,

Comment by Jonathan Noller, SFR on May 13, 2010 at 5:27pm
I have 3 right now that I took in Dec of 2008 and they are now out of foreclosure because it took too long to get them done. In Colorado if the lenders do not close or foreclose 1 year from NED/NOD then they have to start the process over again. These were with TB&W and now are with AHMSI. I just sent them the notice that the lender if they do not accept the offers on the property and restart the foreclosure they will spend another chunk of money to go again. BTW these are less than 90K properties!
Comment by Mike Linkenauger on May 13, 2010 at 4:20pm
Just hope and pray it finally closes! I've got a couple like that now. We just had the fifth or sixth buyer back out AFTER the contract was approved on one property! We have another where buyer offered $117K, would only appraise FHA at $110K, now BOA will NOT allow it to sell for 100% of the FHA appraised value!! Thats Wacked!! The pathetic thing is that I know the judge will stop the sale when I tell him this, and will WILL probably close eight months from now for only $100K...

Both of these are around 18 Months!
Comment by Joseph C. Alfe on May 13, 2010 at 5:50am
The only ones I have had go that long are ones I purposely strung out. An 800K loss to the lender is a bitter pill to swallow. You are right, never give up.


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