I can identify with your frustration, my family when through a very similar issue trying to buy our current home.
Step one, have your Realtor set up a search based on the address, this will send you an email when it is put back on the MLS.
Two, Be ready to move quickly, when my home came back on the market there were 18 offers on it. Know your comfort zone and be prepared for a Highest and Best call when it is listed again.
You could also spend some time calling the offices of agents that list a lot of bank owned properties. You can call them and ask if they list a lot of BOA homes. You can shrink your list to agents that get BOA listings and touch base periodically.
Good luck, the road ahead is not easy but it can be done.
I would recommend that you continue looking, the time line is not guaranteed, it could be a few weeks or many months before it is listed again, don't get discouraged.
Best of luck,
And so you know, Fannie Mae does let agents who work with them often know of upcoming inventory. That would include info on who will be listing it.
If your agent doesn't have that, contact me and I will be happy to set up a list watch.
Steele V. Propp, CDPE
Bank Owned Specialist
Schatz Group, REO Division
I would contact the following people at BOA:
email@example.com (Jack Schakett-Bank of America senior vice president for credit loss and mitigation strategies)
Renee @ firstname.lastname@example.org (MLO-Sr.Loan Svcs Specialist)
I would voice your frustration over this process.
As far as time-lines go (Short-sale to Bank-Owned), this can be as fast as a few weeks, or as long as a few months (or more). The property has probably already been assigned to a listing agent, so you should be able to get some insight/time-lines from them. If you are working with an agent, have him or her find out who the property has been assigned to.
Hope this helps!
C: 612 396-0692
Really sorry to hear about this situation. Unfortunately short sales are unpredictable and terms can change at just about anytime in the process. I am sure it's a very frustrating time for you! If you really want that home you'll want to drive by it on a regular basis to see who the bank assigns to represent them. Usually a bank/reo agent will put their contact information in window or near the door. I would contact that agent asap or have your agent contact them(my recommendation) immediately to make sure they know you want the property as soon as its ready to list. Unfortunately the transition process from short sale to foreclosure can take some time. Banks typically move slowly in real estate dealings. Sorry to hear about this situation it's never an easy thing to deal with and can be very emotional I am sure. Best of luck getting the home you want!
If the bank gets it back they will be placing it on the market sometime in the near future. You will need to be monitoring the property closely to be in line to make another offer when it comes available.
Steele V. Propp
Certified Distressed Property Expert