Tuesday, June 15, 2010

Short Sale: Agent "takes advantage" of Bank of America?

by Bill McBride on 6/15/2010 09:28:00 PM

Jim the Realtor thinks Bank of America was taken on this deal. This 4,374 sq ft house, on two acres, is in a great location in Rancho Santa Fe (upscale San Diego). The loan was $3.2 million, and the short sale was for $1.575 million.

This was another "5 second" listing. Some agents list short sales for less than a minute to show the bank the listing ... and then keep the entire process secret. I've heard stories of sales to relatives, friends, or the listing agent just wanting both sides of the deal. If this was listed on the open market, Jim thinks it would have sold for substantially more.

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