Round Lake IL Short Sale Approved in 30 days with Bank of America
Short sales in this area can sometime be very contentious. It can take months to get offers and we rarely get multiple offers on a property. Sellers can get disheartened - frustrated - sad - so when a buyer comes in with a decent offer close to market value hope is back on the horizon.
For my short sale listings I tie the buyer to the contract for 90 to 120 days to give the seller, the bank and the short sale attorney time to submit the papers and get a decision from the bank and the final go ahead from the seller. Sellers may be asked to bring a cash payment to close or sign a promissory note for an amount the bank wants. There is often a mountain of continuous paperwork going back and forth.
So imagine my surprise when yesterday one of my Bank of America short sales under contract since July 16th 2010 was approved. Collecting all required paperwork from the seller took a couple of days and the short sale packet was submitted about July 21st. No sooner than one day later I attended the Broker Price Opinion thinking - seriously!
Two weeks later we get a verbal preliminary agreement subject to either a cash injection by the seller or a promissory note. A few days later the approval is in my hand.
So another Round Lake IL short sale is approved and we progress towards a closing in 30 days time. I am under no illusions this is going to be normal for this bank or any other back but every now and then it is really nice to have some good and unexpected news.
If you are in financial distress with your Round Lake IL home - consider a short sale instead of foreclosure and make a positive step towards moving on with your life.
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Copyright 2010 Corinne Guest All Rights Reserved - * Round Lake IL Short Sale Approved in 30 days with Bank of America *
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
Corinne: Congratutlations on receiving this great news! You're absolutely right ... once in a while it's great to have something go smoothly ... and more quickly. It must have felt like heaven ...
Gene
Corinne: Wow, you have given me hope. I just got an offer on one of my Short Sale listings that has a Bank of America mortgage. I hope 30 days from now I have good news!