We love helping sellers avoid foreclosure through short sales.  We are  Jacksonville short sale specialists and we know how to get approvals.  When this seller of an Oakleaf Plantation townhouse came to us, the situation seemed bleak...however, knowing our abilities and refusal to give up we took the listing hoping to make this one more seller that didn't have to endure the horrible process of foreclosure.

At the time we took this listing our last BOA / Fannie Mae approval had taken 6 months to get.  BOA was known to be slow and many buyer agents would not even take their buyers to BOA short sales anymore.

When this contract came in, Equator had recently been implemented for Bank of America short sales.  Many agents still do not like Equator, we LOVE it!!!  We are very strong in technology and welcome any technological improvements that arrive on the scene.  If you know how to use it, Equator is a wonderful tool that can greatly speed up your BOA short sale approvals.

Here is the timeline for this Oakleaf Plantation short sale approval (BOA/Fannie) and closing:

  • 6/08/10 Short sale initiated in Equator
  • 6/23/10 Counteroffer from BOA negotiator. BPO came in too high, the contract was countered much higher than the Oakleaf Plantation townhome was worth. We submitted the buyer's appraisal along with our own comps, countered the Bank of America counteroffer and persuaded the negotiator to take the buyer's appraisal. The BOA negotiator revised and countered again allowing the home to be sold at the buyer's appraised price (Buyer had a FHA appraisal).
  • 06/29/10 Negotiator was satisfied and sent the deal to the investor, in this case Fannie Mae.
  • 7/09/10 The contract was accepted by Fannie Mae and BOA generated an approval letter....only 31 calendar days after the short sale was initiated in Equator.
  • 7/15/10 We closed the Oakleaf Plantation townhouse that was a Bank of America Short Sale only a month and a half after going under contract!

Summary of the numbers involved in the Oakleaf Plantation / BOA Short Sale: 

  • List Price - $75,000
  • Sales Price- $75.000
  • Amount paid for townhouse in 2005- $166,100
  • Amount owed on loan- $153,000 approximate
  • Net Proceeds to Bank of America/ Fannie Mae in Short Sale - $64,149
  • Past Due HOA dues paid by BOA/ Fannie Mae - $3,880
  • Required Seller Contribution - $0

See the Bank of America Approval Letter for this Jacksonville short sale here.

Have a loan serviced or owned by BOA, underwater and need to sell?  We can help (and if we can't we'll tell you upfront!)