Southwest Florida Title Insurance & Real Estate Blog -

Tips for dealing with Bank of America on Short Sales

Posted by Jillian Dohack On February 20

Bank of America (Photo Courtesy of Flickr User MoneyBlogNewz)

If you have a loan with Bank of America and need to short sale the property we can help! Most people have heard “nightmare stories” about dealing with Bank of America on Short Sales, but our goal is to make it as pleasant of an experience as possible for all parties.

It’s true that short sales can be a frustrating process, but we have helped orchestrate over a 1,000 short sales and know what to expect when working with all lenders, especially Bank of America.

It’s all in the details when filling out the Bank of America paperwork.  Paperwork that is not completed correctly or not sent back in a timely manner can cause delays or denials with Bank of America.

When working with Winged Foot Title, we will assist you in reviewing your paperwork to make sure it is completed correctly before submitting it to the lender.

Here are a few common document errors that can delay the process if not filled out correctly.

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Hi everybody! Short blog post today.

I received this email a little over a week ago from Bank of America and thought I’d share it with all of you because it pertains to short sale agent commissions and I know many of you who read my blog, are real estate agents involved in the short sale process.

Please read this over because if you’re a REALTOR® in Florida who is frequently working on short sales, your commission could depend on it! Click both thumbnails below. Call us at Winged Foot Title if you have any questions.

– Chris

You’ve been there, I’ve been there – WE’VE ALL BEEN THERE!

That point in time when you look at all the facts in a transaction and come to question if it will ever close!!!

Do throw in the towel? Call for help?

If you are like most of us, you probable have invested a lot of time and energy into the transaction, so giving up and throwing in the towel is not an option!

That is when we enter the picture and I come to experience the “The Hardest Short Sale Ever” 😉

In the spring of 2010, a Cape Coral REALTOR® who had heard me speak on short sales at the Cape Coral REALTOR ® Association called me to ask if we could help on a potential short sale. This was a seasoned professional; but I could tell from his tone that he seriously doubted that the deal in question would ever be able to close. Because of the size of the deal ($1M+) though, it made sense to at least give it a shot.

Here is a list of items that, at first blush, supported the realtor’s doubts about the possible success of this Cape Coral short sale:

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Not sure if you are on Bank of America’s email list, but if you are not – I wanted to share with you this great news!

 

Here are some of the Frequently Asked Questions:

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Winged Foot Title Bank of America Short Sale

The possibilities are endless when you choose the short sale specialists at Winged Foot Title to close your Bank of America short sale (or any other short sale for that matter :)).

The details of this Bank of America Short Sale are remarkable:

  • The original loan amount was $328,650.
  • The approval netted the lender $215,196.93 which was approximately 65% of the original loan.
  • The approval resulted in 91.73% of the approved purchase price of $234,600.
  • The realtor commissions were approved at 6% of the approved purchase price of $234,600.
  • Did we mention the approval came in 37 business days?

But that’s not all!

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.