Once Bank of America Assigns a Negotiator, Short Sale Approval is Pretty Fast

http://shortsaleagentsacramento.com

After trudging around in the rain yesterday from 9 AM to 6 PM showing property, it was a welcome relief to come home and change into dry shoes. Note to self: wear boots in this weather! Our Sacramento storms have not let up, and tomorrow is expected to be worse than today.

But the good news is one of my buyers wrote an offer last night, I received an acceptable cash offer on another Sacramento short sale, and one of my Bank of America short sales in Elk Grove received approval.

The incredibly patient buyers for this Elk Grove short sale signed an offer in early August. In all fairness, though, Bank of America was a little messed up last fall and has since straightened out those problems by hiring third-party vendors to handle the paperwork. Once we finally got a negotiator assigned in November, the file was processed pretty smoothly.

I’ve heard some agents say I am really hard on buyer’s agents. I simply want the buyers to commit to the short sale process. If these buyers had not committed, instead of going into pending status today — after 6 months of work — this home would be going back on the market and my sellers would be back to square one.

My commitment to my short sale sellers is steadfast. I push hard for short sale approval. If the buyer really wants the home, I’ll do everything within my power to see that the buyer gets it. Asking a buyer and the buyer’s agent to wait for approval is not out of line nor unreasonable.

I know there are Sacramento short sale agents who won’t touch a Bank of America short sale with a 10-foot pole, much less a Countrywide short sale. This Elk Grove home had 2 original Countrywide loans. It’s what I call a double-Countrywide. But Bank of America is now streamlining its short sale process, so future transactions should not take as long. However, my sellers and I will still insist that buyers commit. That’s never going to change.

But I do hope the weather changes. At the moment, it’s very windy and still raining. And I’m off to Lincoln this morning to shoot interior photographs of another Lincoln Crossing short sale. I’m gonna wear boots.

Photo: Elizabeth Weintraub

sacramento short sale agent

Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Share and Enjoy:
  • Print
  • Digg
  • del.icio.us
  • Facebook
  • Google Bookmarks
  • Blogplay
  • Add to favorites
  • Fark
  • LinkedIn
  • MySpace
  • RSS
  • StumbleUpon
  • Technorati
  • Twitter

About the Author

wegw

Elizabeth Weintraub is a top-producing Sacramento real estate broker at Lyon Real Estate, author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Elizabeth is also a Sacramento Short Sale agent who lists and successfully closes short sales throughout Sacramento.

Elizabeth began in the real estate business in 1974 as a title searcher. By the late 1970s, Elizabeth had earned certificates from Orange Coast College and Coastline Community College, completing programs in real estate and escrow. She also worked for several years as a Certified Escrow Officer before becoming a real estate broker.

In a down economy, Elizabeth has sold more than $11 million in Sacramento in 2009. About half of her production is short sales and foreclosures. DRE License # 00697006.

 

Call Elizabeth at (916) 233-6759

www.elizabethweintraub.com

elizabeth@elizabethweintraub.com

 

You can also find Elizabeth's articles on About.com, where she writes about Home Buying and Selling and Short Sales .

 

Click to see what Elizabeth Weintraub has written 

Comments (1)

Trackback URL | Comments RSS Feed

  1. henri says:

    Thanks for your post. I am in a situation in California. I am a committed buyer with a great agent for a Countrywide/BofA single loan. The selling agent is new to short sales and my agent is coaching her. Do you know what the REDC is all about? How do we know if out contract should go to BofA or REDC? My agent is having trouble figuring that out. So far (3 days), we checked to see if they “got” our original contract at BofA, and they said “No,” so selling agent is resending.
    I know, power for the course.

Leave a Reply




If you want a picture to show with your comment, go get a Gravatar.