Shorting Bank of America
We all know a short sale is when a homeowner and the bank that holds their note agree to sell for a price that’s less than the amount of that note. It’s sort of a win win, in that the seller walks away without having to fund the deficiency, and the bank doesn’t have to worry about taking back another property via foreclosure.
Short sales are, in short, all the rage. Along with other distressed sales, including straight up foreclosure auctions, and REO sales, short sales are painfully common these days. I too find that they’re all the rage, but for me the rage is more like the way they make me feel and the frustration that boils into a mild form of pencil throwing rage. The problem is that banks treat short sale requests as if they’re doing the buyer a favor, and I think it’s the other way around.
Last August, while searching for a run down home to buy in hopes of making some money off a future sale, I stumbled upon a forlorn home outside of Fontana. It was a sad little home. Hiding behind Williams Bay style weeds. This humble shack had been abandoned, and it was a perfect remodel candidate for the less puffy lipped Lake Geneva Jeff Lewis.
I remembered that the home had been on the market a few years earlier, so I contacted the previous listing agent only to discover that my little weed adorned pig was heading to foreclosure. In an attempt to stall the foreclosure, I wrote an offer and had it quickly accepted by the seller, pending short sale approval by the lender.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
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