Gather, boys and girls, for it's story time!
There was once a broker--let's call her Lisa, and her wonderful client, we'll call her Sue. Lisa and Sue discovered a home, back in November of the distant year 2009.
"Lisa, I like this house!" Sue exclaimed, and so happily, Sue and Lisa proceeded to put an offer on the house, that turned out to be a short sale. The bank assured all parties involved that everything was wonderful, a negotiator was in place to assist, the BPO was ordered, and soon, Sue would have her home. Everyone was very excited, and there was much rejoicing.
Five months passed by, however, and the evil bank called the seller and demanded a promissory note for $30,000.00, but hey--it's okay, they'll take cash. The seller considered this for a moment, before promptly decided to call the buyer and ask for a contribution, or, hey, the total amount would be great, too!
.....Yeah. Except no. Not happening, dream on, and so on.
The bank, however, does not like this! The bank is angry, and decrees that this short sale is DOOMED, and force the poor seller into foreclosure.
It was a dark day, boys and girls. The promises of the bank to turn over a new leaf, and expedite short sales and be more helpful seem to not be coming true, but all was not lost!
Bravely Sue and Lisa ventured forth, and found a diamond in the rough of the tumultuous market--A home that was neither short sale, nor REO! Can it be true!?!?!
The moral of this story, boys and girls: Bank of America should be renamed to Bank of AHHHHHH!!!
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