Bank of America Does It Again!

With short sales in abundance, it is very difficult to evade them. More and more of my real estate sales are short sales, with bank owned or reo properties taking a close second. There are a number of parties involved in a short sale: the lender, the negotiator, the investor, among others and each person’s role is vital to the success of the short sale.

Considering all of the short sale lenders I have worked with, Bank of America is by far, the best. From my experience, they always close within three months, unlike some of the other lenders. However, I had a recent case that threw me for a loop. In January, my client signed a contract for a two bedroom, two bath villa (short sale by Bank of America). I was confident that this would close within three months. However, three months and two negotiators later, I was drafting an extension, hoping that it will close soon. I was asked to resend a newly signed contract twice and five months into the waiting period, the contract was denied.

Stunned and confused I sent a direct twitter message to @BofA_Help, searching for an explanation. Why is this contract being denied? This doesn’t make any sense? The BofA representative responded the same day asking for further information. She researched the matter and advised me to resubmit all documents all over again and everything should be taken care of. Disheartened and a bit skeptical, I followed the instructions. This was in May. Three months later, we received an approval. My client was elated and so was I. After waiting eight months, my client now has a home.

Real estate agents have very little control on the outcome of a short sale. We always hope for the best, so all parties involved are content, especially our clients. I was happy that my client didn’t have to start the home search process all over again. Her heart was set on this property and mentally, she had already moved in. I am truly happy for the efforts that BofA made to make this sale a reality. There was a mishap in the beginning, however, we finished strong. Thank you Bank of America, you have done it again!

The Real Estate Market Is Alive & Well

There are fewer homeowners that are behind on their mortgage payments. According to CoreLogic, the number fell from 12.1M in 2011 to 11.4M in the first quarter of 2012. The decrease in-turn shows a slow increase in the price of single-family homes, according to a recent housing index. Has the market bottomed out? Some experts believe that the market “bottomed” in January 2012.

What is evident is that there is a change in the culture of the real estate market. The buyer’s confidence has increased. More and more individuals are looking to purchase homes to capitalize on the low interest rates. Investors are also flooding the market to secure a cheap investment property. Some investors look to flip, while others reap the rental benefits until they can sell in a more seller favorable market. Despite the skeptics, the real estate market is alive and well. Regardless of home values, the individuals who understand the benefits of this market are certainly taking advantage. If you are looking for a diligent Realtor, to assist you with your real estate goals, I encourage you to give me a call or send me an email. I look forward to working with you in attaining your real estate dreams.