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Bank of America Agrees to Allow Buyer Substitutions on Approved Short Sales
Bank of America announced recently that it will now allow agents to substitute buyers into approved short sales in cases where the original offer falls through. This news was greeted with enthusiasm from real estate agents, investors and potential home buyers. Many real estate professionals view it as a much needed and long awaited step forward in helping to boost the success rate of the short sale process.
The biggest hurdle facing short sales is the long timeline associated with obtaining bank approval. (Short sales typically take between 60-90 days to be approved.) Because of the uncertainty and lengthy waits involved in purchasing a short sale property, many potential home buyers submit multiple offers and/or continue looking while the short sale negotiation is in process. Many times, if a successful agreement is reached with the bank, the potential buyer has long since moved on to another property.
This is what makes Bank of America’s new policy so helpful. According to their new guidelines, Bank of America will allow the listing agent on the short sale property to substitute a different buyer at the agreed upon price without reapplying for approval from B of A. While this is certainly not a silver bullet, it is a tremendous improvement to the short sale process and one that we hope other major banks will adopt as well.
Las Vegas has seen the highest percentage of foreclosures and short sales in the nation. Over the past three years, we have consistently purchased distressed properties through short sale offers and placed them in our rehabilitation program. As part of this program, we completely renovate the homes to move-in ready condition, place a quality, long term tenant in the property, and then resell the home to one of our investor clients looking for a turn-key buy and hold investment with strong cash flow and upside appreciation potential. We have had tremendous success with this win-win scenario.
Our investors are averaging returns between 8-10% for cash purchases and 12-24% for financed deals. We are also providing quality rental housing for the large percentage of Las Vegans who find themselves unable to purchase a home at this time.
If you are interested in taking a closer look at the strong returns that are currently available in the Las Vegas real estate market, please contact me.
I am currently offering complimentary two night stays at the MGM Signature or other very nice las vegas hotels for qualified out of town investors. Call me for details.......
If you are interested in taking a closer look at the strong returns that are currently available in the Las Vegas real estate market, please contact me.
I am currently offering complimentary two night stays at the MGM Signature or other very nice las vegas hotels for qualified out of town investors. Call me for details.......
Ramon Wu
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