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Forums » Short Sales » No Resell in 30 days

No Resell in 30 days Subscribe to No Resell in 30 days

5 posts by 5 users

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Alex Locklear

Real Estate Investor · Raleigh, North Carolina


Forum_avatar_avatar-alexlock85

Icon_minipost Aug 27 '09, 02:21 AM

What other lenders, besides Bank of America/Countrywide, are adding a clause in their approval letter that says they will rescind the short sale transaction if the property is resold within 30 days?

Is anyone seeing this with other lenders yet??

Edited: 06/26/2010 at 09:30AM


Scott Hubbard

Rehabber · Tucson, Arizona


Forum_avatar_avatar-bokman

Icon_minipost Aug 27 '09, 03:36 AM

I received 4 approvals from different lenders in the last 60 days and only BoA/CW has the 30 day no-transfer clause.

Edited: 06/26/2010 at 09:30AM


Jeffrey Gordon

Real Estate Investor


Forum_avatar_avatar-swnevada

Icon_minipost Aug 27 '09, 06:54 AM

Only BOA would want to restrict the demand for the crap they lost their bu_ts on by adding a clause they probably have no ability to enforce from a personnel standpoint--they are all a bunch of losers, time to wake up and smell the coffee and be thankful investors are willing to wade in and suffer through their god awful customer service to prevail and actually close on a property!

guess that is how they got in the jam in the first place--no clue--guys at the top have become disgustingly rich and the staff couldnt find their faces with two hands.

jeffrey

Edited: 06/26/2010 at 09:31AM


Chad Black

Real Estate Investor · Edmond, Oklahoma


Forum_avatar_avatar-oklahoma_guru

Icon_minipost Aug 30 '09, 11:09 AM

I have yet to personally encounter this BOA condition, I ran it by my 2 local title companies here in Oklahoma at the end of last week, they both went up the chain to Head Legal Counsel and both TC stated there was NOOOOO WAY the would write a TP on that stip....we will see what happens.

Edited: 06/26/2010 at 09:33AM


Minna Reid

Real Estate Consultant · Tolland, Connecticut


Forum_avatar_avatar-minna

Icon_minipost Sep 02 '09, 06:30 AM

Man Jeff - that had me cracking up...so true!

Edited: 06/26/2010 at 09:35AM


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