Bank of America recently approved one of my Reno short sale listings and is waiving any future deficiency against the borrower.
This means Bank of America approved the short sale of a property and will be accepting less than the borrowers owes to them.
By waiving any future deficiencies they are accepting the short sale payoff at closing and the file will be closed. Deficiencies are waived in exchange for the payoff.
13372 Mount Lassen Street, Reno Nevada 89506 was listed in August 2009 and received an offer within 48 house. We were under contract with the same buyer for over 400 days. This buyer really wanted to own this property. Now that we have short sale approval from Bank of America we will be able to move forward and close this property.
Most short sales today are taking a lot lost than 400 days to close. This property did receive short sale approval withing 90 days but the seller was not happy with the terms of the approval. As the listing agent for this property, I was able to negotiate and renegotiate with Bank of America until the borrower received the approval he was seeking.
If you are considering a short sale to avoid foreclosure, contact a short sale real estate agent who can help you sell your home and work to negotiate with your lender to help you receive the approval you want.
Bank of America Approves Reno Nevada Short Sale ~ No Deficiency