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Updated almost 15 years ago on . Most recent reply

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3,208
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Nick J.
  • Residential Real Estate Broker
  • Payson, AZ
1,439
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3,208
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WTF BofA????? credit checking sellers?

Nick J.
  • Residential Real Estate Broker
  • Payson, AZ
Posted

Some agent that hasn't figured out that working with me will be waaaaay easier :roll: posted on her FB wall this morning an article by some other dude on some Broker/agent site: blaaaaaaah

Anyways, it appears during his conversation with the BofA worker drone negotiator that the investor will pull the sellers credit to make sure they're not paying any other debts either. WTF?

Here's the link, be forewarned, I don't have any ties to this cult party: http://www.brokeragentsocial.com/GoodmanRE/blog/4631/

Most Popular Reply

User Stats

216
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112
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James Harkness
  • Real Estate Lender
  • Philadelphia, PA
112
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216
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James Harkness
  • Real Estate Lender
  • Philadelphia, PA
Replied

Nick,

We do this all the time as well. It has always been a requirement for each one of our short sale deals. We use it to determine if we should be going after the seller for a deficiency judgement or like the article mentions, a cash contribution or promisory note.

If a borrower has the means to repay their obligation but simply chooses not to, then they should not be allowed to be released from their obligation in a short sale, IMO.

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