The previous bank oked the sale but would not send approval letter.The buyer has cash and the bank will not budge.wth is going on?|||Ooh, that really sucks because you'll probably have to go through the whole process all over again since you're dealing with a new bank. A cash buyer or financed buyer DOES NOT make a difference to your bank. And to top it all off, B of A is the WORST. It's going to take blood, sweat and tears to get this deal to a closing.
My best advice would be to use a real estate agent, if you don't have one already, and do make sure that your agent has worked on and CLOSED a short sale transaction before. If he/she hasn't, find one who has.
The work of a short sale transaction is a tedious one which will require MUCH T.L.C. and attention.
In closing: Hire a real estate agent with short sale experience and comply with anything and everything that your agent and/or bank asks of you.
Best of Luck!|||Cash or mortgage means Zero to the lender. They get their money no matter what. They want what you owe not a discount.|||BofA has a huge inventory right now of homes in short sale or pre-foreclosure.
What they care about is recovering the largest percentage possible of the outstanding loan.
Whether or not the buyer is paying cash makes no difference; if the offer is not high enough it will not be accepted.
Based on my recent experience, the loan will be passed numerous times to multiple short sale processing firms who are really glorified collection agencies, and no action will take place.
Good luck, but don't hold your breath.
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