As a real estate professional, I must look back and have re-gurgitation all of the past weeks news in the housing market and home mortgage news.
First of all is the Bank of America continued fiasco playing with home mortgage short sale and bank owned paper. I received an email from my broker last week stating caution when entering into contracts with homes that are owned by or mortgaged to Bank of America, the warning was that several transactions have been put on hold as they get to the closing table. In my opinion having dealt with BOA in the past on several short sale transactions, it is not in your clients best interest to write a contract with a bank that still does not have a handle on its past.
Too much work an energy go into the process and then there are the emotions of your clients that are heartbreaking to empower an institution to stall and slow an otherwise smooth process.
What have I learned from the experiences of dealing with this group? There are too many other properties out there to waste your clients time and dreams…
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