BofA yanks short-sale approval day before closing

A Southern California seller’s agent says he had a short-sale approval from Bank of America to sell his client’s Hemet, Calif., home for $145,000, only to receive an email from the bank the day before the sale was to close saying the loan on the property had been sold to an investor who wanted $170,000 to close the sale.

When the buyers — who’d put in an offer in January that was approved by Bank of America in June — made a counteroffer of $160,000, the seller’s agent was told to relist the home for $179,900 if the buyers couldn’t meet the new asking price.

“Nothing’s definite until the house is recorded in their name,’” buyer’s agent George Williams told the Riverside Press-Enterprise. “It’s not unusual for a short sale to get derailed at the beginning or midway through the process. This is the first time it’s come down to the wire like this.” Source: pe.com.

 

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