We are listing this beautiful 3 BR, 3.5 BA townhome in South Riding in Loudoun County. It's listed at $280,800. There's only one bank involved.
Contact us if you have any questions concerning short sales in Virginia, Maryland, DC & Illinois.
Simon Hahn - South Riding (Loudoun County) short sale specialist
703-662-1466
Currently Bank of America and GMAC employ Equator.com platform to facilitate their short sales. Soon, Wells Fargo will be using Equator as well starting with their investor loans. This post is actually more for agents or negotiators versus borrowers. Here's a GMAC Equator manual you can download for reference. GMAC Equator Manual for Agents
Although Bank of America and GMAC use equator, process for these banks are different. With Bank of America, the negotiator/agent initiates the short sale. With GMAC, you wait until GMAC initiates for you.
So far Bank of America has been noticeably quicker with approval process with Equator. GMAC has always been relatively quick compared to other banks. Anyway, this post was for agents/negotiator so I hope you find this post helpful.
Contact us if you have any questions concerning short sale with Bank of America, Wells Fargo, GMAC or any other bank.
Hahn Group
703-662-1466
Price: $539,900
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
McLean Short Sale Specialist
703-662-1466
If you have a property in McLean or any part of Virginia and you feel you need to do a short sale, give us a call.
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sales specialist
703-662-1466
If you're considering a short sale in Germantown, give us a call. We are Germantown / Montgomery County Short Sales Specialist / realtor. We have also done over 15 Bank of America / Countrywide short sales so call us if your mortgage is with Bank of America or any other bank. Nothing beats experience in this market.
Bank: Bank of America Listing Agent: Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales. Simon Hahn - Keller Williams Realty Virginia, Maryland, Washington DC short sales specialist 703-662-1466 If you're considering a short sale in Centreville, give us a call. We are Centreville Short Sales Specialist. We have also done over 15 Bank of America / Countrywide short sales so call us if your mortgage is with Bank of America.Simon Hahn Group is listing a short sale in Centreville, VA (Compton Village).
Here's a sample Countrywide / Bank of America short sale approval/demand letter. You should always have an attorney review the short sale approval/demand letters. I highlighted the part that's critical on the approval/demand letter. It states the following:
BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy. Furthermore, there may be tax consequences associated with entering into a short sale. The seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney, before proceeding with the short sale.
It's a standard language that Countrywide / Bank of America uses. I can post at least half dozen short sale letters. If you have any questions about the letter, you can email me and I can share what 2 short sale attorneys told me about the letter but since I'm not an attorney, I won't post anything.
Also, the contract date on this short sale was 11/7/09.
Simon Hahn - Keller Williams Realty Virginia, Maryland, Washington DC short sales specialist 703-662-1466
countrywide bank of america short sale approval demand letter
Simon Hahn Group (Keller Williams Realty) is listing a short sale involving Bank of American in Alexandria, VA.
6619 BEDDOO ST
ALEXANDRIA, VA 22306
$350,000
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
Alexandria VA Short Sales, Alexandria Short Sales, Alexandria short sales realtor agent specialist expert,Alexandria va CDPE
Address:
16068 DANCING LEAF PL
DUMFRIES, VA 22025
List Price: $359,900
Bank:
Bank of America
Listing Agent:
Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.
Download Instructions and Download Disclosure.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
Here's a recent short sale that settled with Bank of America being the first trust and BB&T being the second trust. Here's the summary.
Banks: Bank of America (first trust), BB&T (second trust)
Days for Approval: Bank of America - 90 days, BB&T - 92 days
Hardship: Loss of job
With second liens, many times the account will go into recovery department if the account is 180 day delinquent. Some are easy to work with but others can be really difficult if it gets sent to collections attorney.
Here's the demand letter from Bank of America.
Here's the BB&T short sale demand/approval letter.
If you are considering a short sale, call for a private consulation. Direct number is 703-662-1466.
Short sale process is constantly evolving. I want to share couple short sale demand/approval letters. These are all fresh. First one was received on 8/31/09 and the second one was received on 9/10/09. I'm representing the buyers on the first one. The second one, I'm representing the seller. First one states "the bank will release the lien and charge off the remaining debt as a collectible balance." The second letter say "Bank will report the account to the credit bureaus as 'settled.'" If you want to know the time frame, first one took little over 4 months. We wrote the contract on 4/18/09 and got the approval on 8/30/09. There was only 1 lien.
The second letter on this post show a short sale where I'm representing the seller. The contract was ratified on 8/12/09 and the bank sent the approval on 9/10/09. There were 2 liens.
Hopefully this gives you an idea of why short sales can be confusing or frustrating. Each case is different even when it's the same bank. There are things you can do to ensure quicker response but sometimes you're at the bank's mercy. If you have any questions concerning BOA / Bank of America short sales, contact me. I've been doing BOA short sales since 2007 and this is probably my 10th one with BOA. If you are considering doing a short sale, contact me for a confidential consultation.
