And still the champ...

I’m in the midst (three months in) of yet another short sale involving the worst bank in America to deal with in that sort of situation and they have proven again why they are still the undisputed champions of short sale misery.

Yesterday I got a request to have my buyer (at least I’m on the good side of the deal) sign an amendment that states that the sale is subject to the bank’s approval. Now, mind you this is three months into the approval process for the deal and the Purchase Agreement included a Short Sale Addendum which clearly stated that the sale is subject to the approval of all lien holders. I suppose that this particular bank doesn’t want to be lumped generically in with all of the other potential lien holders and certainly not without being specifically named (one would assume for branding purposes).

So now we had to jump through yet another inane hoop put in the way of progress by some buffoon somewhere, who presumably has not even taking the time to read the complete offer package. Is there any wonder why this particular bank has such a well earned reputation with so many Realtors® as the worst bank of America?

If the pace of the decision making process stays on this course, we should have a decision on this sale by mid-June. Of course, every month or two they stop the process and come back out asking us to update the bank statements that the buyer provided to prove his worth for this all cash sale. Fortunately his money is not in that particular institution, otherwise there might be cause for valid concern. I’m tempted to advise my client to revise his offer downward every month or two to take into consideration the continuing decline in property values, but that is way to logical to be understood by this bank.