Home Buying in 91902>Question Details

Hileng, Renter in Bonita / Long / Canyon...

Will Bank of America attach the 2nd mortgage that we have short sold in 2008 now we are buying one of their homes for sale which is Short Sale?.?

Asked by Hileng, Bonita / Long / Canyon, Chula Vista, CA Tue Apr 3, 2012

How do we know if the house that is for sale is owned by Bank of America so we can avoid making an offer to any house owned by BA?.Will the Seller get the $1000 deposit if we back out or cancel the deal.

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Maybe BofA wasn't the problem. Maybe the anger you feel towards them is a result of the guilt you feel about not honoring your agreements and losing your word. I can imagine that is a difficult thing to go through.
0 votes Thank Flag Link Sun Feb 3, 2013
BOA owns many properties so I would not want to see you rule out a large group of homes due to your experience with Bank of America. Short sales and foreclosures have been a learning experience for buyers, sellers, agents, banks and lenders. The good news is short sale and foreclosure processes have improved, and have become more streamlined since the time short sales were on the rise. Don't be discouraged, if you really like the house and can afford it, keep the offer on the table. Generally, you will lose the $1000 to cancel the deal. To be safe review your contract it will state all terms and conditions regarding the deposit in the event of cancelation from either party.
0 votes Thank Flag Link Tue Jan 8, 2013
Dont panic! No need to cancel. We can check on owership for U. BOA Investors have lots of shorts. Call Maureen 760 622 6855 or email for assistance at maureen@landangel.com
Web Reference: http://www.coastal.biz
0 votes Thank Flag Link Sun Apr 8, 2012
In general, if you default on your contract, you lose your $1000 Earnest Money Deposit. That's why you pay, or everyone would back out at the least little thing. If you back out for good reason within the contingency periods of your contract, you should get your deposit back. Read your purchase contract and you will find the details of this in black and white. If you can't find it, your agent will point you to the right paragraphs and explain this to you He/she already should have gone over ALL of your documents with you before you signed them; it's a sign of a good agent.
0 votes Thank Flag Link Tue Apr 3, 2012
You do not need to avoid purchasing a Bank of America short sale. It has nothing to do with the house and loans that you short sold in the past. For any more short sale questions, you can email me directly at kevin@kevinsanderlin.com or call my cell at 858-212-4702

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
0 votes Thank Flag Link Tue Apr 3, 2012
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