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I am a real estate agent in CA. I listed a condo on December…

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I am a real estate...
I am a real estate agent in CA. I listed a condo on December 5, 2014 as a short sale. Bof A was the original servicer, the investor Freddie Mac.
Bof A then turned the file over to Shellpoint Mortgage Services out of Houston, Texas.
We lost the first cash buyer because they took so long to send an approval. We lost that buyer around Sept. 2015.
Now we have another cash buyer and Shellpoint has taken the first 2 weeks of Jan. to approve the same property that they previously approved! We were forced to change COE date because our escrow company couldn't close in time.
The seller is a 75 year old widow, with failing health issues. This has caused pain & suffering for her and the buyers.
Our fear is that we will lose this buyer as well. I represent both parties.
Submitted: 2 years ago.Category: Real Estate Law
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1/19/2016
Real Estate Lawyer: WiseOwl58, Lawyer replied 2 years ago
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,595
Experience: Experienced real estate lawyer and real estate broker.
Verified

I suggest that you make your position clear to the real estate contact at Bank of America and advise them that you intend to claim damages against them for a lost sale if they do not respond and close in a reasonable period of time. Give them a deadline and if they do not respond and close prior to the deadline, you have valid claim for your lost profit in the sale. Bank of America is also responsible for Shellpoint, since they assigned the transaction to Shellpoint, but BofA cannot get out of its obligations by making such an assignment, under California law.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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