Home Buying in Chicago>Question Details

Lila, Home Buyer in Schiller Park, IL

I will like to share my bad experience with a Short Sale property owen by BOA I was waiting 14months the short sale was in the final step the house

Asked by Lila, Schiller Park, IL Sat Aug 2, 2014

had a auction date 07/24/2014 I try to contact my realtor my lawyer and the paralegal called the owner's lawyer they told my lawyer that the auction date was postponed the next day I find out the house was auction I called the owners lawyer and told me he didn't know what when wrong I was upset that nobody stop the auction date and my BOA asking for more documents a day before the auction. I am so discourage I waited so long time I passed good deals I waited because I thought this was my dream house the this is it house and is lost no hope if BOA is not going fix it this problem

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5
Short Sales are the 'Wild, Wild West of Real Estate, where there exists only an illusion of rules and anything can and does happen.

Bank of America and the servicer you identify are the poster child of short sale mayhem.

Be aware, you are not the only one damaged in the event. The REALTORS involved, the negotiator, the auction house, the title company....all invested hundreds and hundreds of hours in this only to end up with pocket lint. They too were betrayed by the short sale process of Bank of Ameirca and their service company.

Short sales are the most convoluted, illogical, abusive, complex real estate transaction imaginable. And please understand, the part you see and are involved in is really very simple. What happens behind the curtain, and is shielded from you by the professional you hired is, exhausting, insulting, frustrating and thoroughly exasperating.

The more depressing end of the story is most folks are willing to blame the only face they see...the real estate professional they hired. They always forget the agent told them, 'DON"T DO IT!!!"


Best of success,
Annette Lawrence, Broker/Associate
Remax
Palm Harbor, FL
727.420.4041
0 votes Thank Flag Link Tue Aug 12, 2014
This is fairly common with short sales. This happens often.
0 votes Thank Flag Link Tue Aug 12, 2014
I know someone who won an auction on the same place 3 times and at the end, STILL didn't end up with the house. They contacted an attorney and were told there is nothing they could do. I stay away from auctions at all cost!
0 votes Thank Flag Link Mon Aug 4, 2014
Thanks for sharing. Hopefully it will all work out better for you in the future. I bet you skip short sales next time.
0 votes Thank Flag Link Sun Aug 3, 2014
Lila,

So many questions? Was the auction a public auction or an online auction. At what point were you made aware tht the property was going to be auctioned off? Did BOA acknowledge your contract offer? etc.

Buyers that elect to explore the short sale route also embrace a much higher degree of difficulty and certainly welcome greater frustration and disappointment. This is something your agent should have apprised you of very early on in the process.

In today's market, there are short sales that may be worthy of persuing and others that buyers should steer a wide birth around. Determining property that represents good risk is something that your agent should have been on top of. Because the location, home, and price are right, doesn't necessarily mean a property is worthy of being persued.

Just keeping it real !

Bill
0 votes Thank Flag Link Sun Aug 3, 2014
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