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WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3675
Experience:  Experienced real estate lawyer and real estate broker.
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I am a real estate agent in CA. I listed a condo on December

Customer Question

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: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.

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.