A letter I sent to the CEO of Bank of America

Patrick Beringer, Realtor

11555 SE 8^th #200

Bellevue, WA 98004

nwListingAgent.com

June 26, 2009

Kenneth D. Lewis

Bank of America Corporation

Bank of America Corporation Center

100 North Tyron Street

Charlotte, NC 28255

Dear Mr. Lewis:

I'm writing you to alert you that your company is engaging in a practice that's costing you millions of dollars. Specifically, I'm writing on a short sale property at XXXX on which you've already lost several hundred thousand dollars, and will continue to lose more because of the way your company is handling this transaction.

Last summer, I listed this property, which is vacant. Since that time, I have sold it about 8 or 9 times. Each time, the buyer made an offer and my negotiator submitted the offer to your loss mitigation department. Your company sat on the offer so long that the buyer walked away. We had to relist and resell the property. Each time we relisted, the value of the property was lower. Every time, your company took months to even acknowledge the offer and by then we had lost our buyer. This cycle keeps repeating.

Today we lost another buyer because BOA countered back at a price well beyond the market value of this property. We finally got a buyer to stick around for 3 months and now you want him to pay $90k above what better comps nearby are selling for. I understand the phrase "short sale" doesn't mean "free" but it also doesn't mean 'pay more than it's worth."

I understand your position of trying to mitigate your loss, but I must tell you that your practice of not responding to offers for months on end causes buyers to walk away as they have a lot to choose from in today's market. I'm sure you have smart people doing your BPO's, but I happen to be an active Realtor in this area and I'm telling you that no one's going to pay what your representatives think this house is worth. You're doing nothing but shooting yourselves in the foot.

Please consider improving the way you do business on short sales. You are costing yourselves money, you are costing me money, and finally, you are hurting your own customers.

Thank you

Patrick Beringer