A number of months ago, one of our agents listed a Las Vegas short sale and was fortunate enough to also find the buyer. The short sale bank was Bank of America and the buyer was obtaining a mortgage loan from B of A to fund the purchase.
The property was placed into escrow and the fun began. The seller’s documents for the short sale were submitted to B of A for approval of the sales price. Within 40 days, the full approval was received, not bad at all on a short sale! Everyone assumed there would be smooth sailing ahead for the rest of the transaction - usually the approval is the hard part of any Las Vegas real estate transaction.
But things quickly deteriorated from that point on. The buyer’s employment verification was lost twice. By the time the verification was obtained, the credit report had expired and had to be redone. Incorrect figures were submitted for the sales price and loan amount. And oopsy! Someone forgot to order the appraisal.
After four extensions to the escrow due to lender errors and oversights, Bank of America’s short sale department finally issued an ultimatum - they would only issue a fifth extension if the buyer used another Las Vegas mortgage lender besides B of A! (The good news is, the buyer actually scored a better interest rate and lower fees with their new lender.)
Conclusion: Bank of America really IS trying to get out of the mortgage industry, and they are doing one heck of a job!
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
I was doing an open house and a first-time home buyer came in. We developed a rapport at the open house as we discussed what she was looking for in a home. We later met at my office to discuss her options. When the time was right to move forward, we looked at a few homes and quickly found the perfect one. I knew at the...
Tired of losing out to cash buyers on the Las Vegas homes of your dreams? You must get completely pre-approved for a loan before submitting an offer, and you must be able to close quickly once that offer has been submitted. So we found a mortgage lender who could help our clients compete in multiple offer situations.So...
The very first appointment I had was with an extremely difficult client who was convinced his condo was just going to continue to be a money pit for him and his family. He admitted that most of the time he hung up on or cussed out every agent that called him because he truly didn't think anyone was actually out to help...