When I think of local, a community bank or credit union comes to mind as oppoosed to large banks -- Fidelity, BOA, etc.

The boa can't possibly give you clear title, because You still have a mtg on the property.  

All the big banks i know , BOA, CITI, etc , do not want to deal w/ small loans like this.

To add some info and to clear up some misconceptions from this thread:- You can *NOT* assign an REO, per the addendum you will sign along with the purchase contract;- A few banks (most notably FNMA and BoA) have deed restrictions that say you can't resell under certain circumstances after you buy.

I've been battling with BOA for years now and really can't stand these dishonest jerks anymore.

NOT a BoA, Chase, Wells Fargo).

Local banks are easier to deal with but the big ones, BOA/Wells Fargo, I have heard stories of them taking a year or two to approve...I tell people who bid on short sales to bid then forget, if you do get it let it be a pleasant surprise but don't hold your breath!

Been on the phone with BOA, local credit union, J Went for quotes on 10yr, 12yr fix balloon.  

POF in third party names are no longer acceptable with BOA or WF??

Vince, first you should know BOA will likely make you hold the property 30 days before you can resell it.