3rd Party Ordeals

Why does it seem to be more difficult to work with the big banks on 3rd party properties? Word around our town was that if the property involved Bank of America, prepare yourself for an extensive ordeal.

As luck would have it, my clients fell in love with a BOA 3rd party property. A brief description of my client: they have been renting for years because they were financially helping family members. They both have excellent jobs with financially stable, name recognizable institutions, AND they have 700 scores WITH a healthy amount of money in the bank, plus they are going conventional with more than 20% down. No, they don't qualify for the tax credit - they make too much money. We presented a VERY good offer on the property, a seriously good offer. The Seller's Agent worked diligently on this deal. Seller's Agent kept getting positive feed back from the bank, my clients collected boxes and started preparing to pack.

You guessed it! After more than a month of this bs, word was finally handed down that their offer was NOT accepted. The bank was going to let the property go into foreclosure. Gee, how many months is this going to take? After many tears, my clients have decided to move on to other properties. We have an offer pending on a different home that is REO by a smaller bank in VA, again - a really decent offer. Keeping our fingers crossed on this one!

I am not at all surprised the banks are failing, are you?