Atlanta Naval Air Station, GA

After six months of trial's thru BOA with three different buyer's, we finally obtained short sale approval thru equator portal in 45 days. The short sale package was initiated on 02/25/2010, immediately we were ask to upload 3rd Party Authorization which we did and the process went ok, except when we reached the commission part, of course BOA cut our commission to 5%, but after six months of trying, and not wanting my seller to go into foreclosure, Iand the Selling Agent have a meeting of the mind and we both accept the commission as approved. At any rate, we got our approval letter on 04/14/2010

What make this so great was we already had a BPO done by BOA prior to the file been initiated on Equator portal, and the BPO was still good at the time of initiation, so the negotiator was able to use the same BPO. If BOA had to request a new BPO, We may not be able to obtained approval in 45 days. That said, I think the system is getting better and I will continued (I almost dropped marketing Short Sale's properties) to embrace short sale now. Simple to help more homeowners

At any rate my seller is so delighted, The swwetest part is BOA not requiring a promissory note from my seller. We will be closing on 4/24/2010

Lately, I have been asked by many buyer's and buyer's to be about the "Housing and Economic Recovery Act of 2008" regarding home buyer tax credit how it may or may not benefit them.

Rather than guessing or simply saying I don't know, I figure is better to go to Uncle Sam web site and let it out. Clink on the link below to read all about it

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

"We will never forget, We will never forget forever"

GOD BLESS THE USA

The question of Short Sale or Foreclosure which is better was a result of by currentt blog on Short Sale "Seller Beware"

In short sale's with deficiency, the bank can refuse to take seller off the hook by retaining the right to file judgement or suie the seller, but on forelosure's, bank can sell the house less than what the seller owed. Can the bank go after a deficiency on a foreclosed home that sold for less? in state of Georgia, once foreclosed that the end of the story, but will be reported on seller's credit for 7 years. What about other states?

This past week end I called a Listing Agent on her listing for showing instructions as specified on MLS. Listing Agent told me property is available and in good conditions. Upon showing the property my buyer's love it and we made an offer on Sunday which was presented to listing agent same day. on Monday pm, listing agent told me that the bank aquired the property thru a bad situation in the house, which might affect my buyer feeling from proceding with the offer.

Listing Agent did not disclosed the know fact in MLS , should't the agent disclosed such fact on MLS or told me when I inquired about the listing the first time? I felt she hads mislead us and wasted out time because after disclosing the situation to my buyer's they walk away from the offer and want to see more homes.

Your comments are welcome