Still waiting on Bank of America for any movement on a short sale purchase agreement I started with them 1.25.11. The agent representing the short sale/bank/owner went radio silent about 3 weeks ago. Tough for me to recommend anybody enter an agreement with Bank of America based on this experience. We are now past the 7 month mark on this one.

Right now it is very difficult to pull out cash or equity from an investment property. Investors are paying 100% cash to buy properties from banks on the courthouse steps and finding it is nearly impossible to refi and pull the cash out of that property. Not allowing investors to pull out equity to buy the next property makes buying and holding very difficult. This situation is forcing investors to flip the property so they can get the cash out of the unit.

The listing agent tells me he is not getting calls back from the VP for Bank of America who is in charge of the short sale property I would like to buy. This short sale purchase process was started with the listing agent and Bank of America back on 1.25.11. I guess I will continue to wait until Bank of America feels like selling this unit.

Bank of America short sale experience in Stateline, Nevada.

Still no movement from Bank of America on a short sale I started with the them on January 25, 2011. Listing Agent said he would have information for us yesterday, but nothing came in. Almost 4 months of my time invested in this short sale. There seems to be no motivation for Bank of America to sell this property.

On January 25, 2011 my cash offer was "acknowledged" by the owner and Bank of America and I was told things were moving forward in the system. On March 18, 2011 Bank of America kicked our offer out of the system and we were forced to start over.

On May 6, 2011 we are still waiting for word from Bank of America to purchase this property. We are into this thing 3+ months so far.

Anybody still think banks want to sell properties?

Bank of America Short Sale Purchase
On January 25, 2011 my cash offer was "acknowledged" by the owner and Bank of America and I was told things were moving forward in the system.

Currently, I am in (what I think is) the middle of a short sale purchase with Bank of America.

On January 25, 2011 I submitted an offer below the MLS asking price, but made it a 100% cash offer and waived a few of the inspections because I am familiar with the unit. We were told the offer was "acknowledged" by the owner and Bank of America and everything would be moving forward in the system.

For more about this see
My Experience Buying a Short Sale Post post #2 and post #3

My opinions of the whole REDC Auction experience-
I tracked all of the auction selling prices and compared those numbers to what the properties were listed for on the MLS prior to the REDC Auction.

I arrived at the REDC Auction early so I could get my questions answered and prepare for the auction. To check in I showed my registration form and identification along with the required cashiers check for $2,500. REDC had plenty of staff and the process took less than 5 minutes. While registering I needed an answer to a question about a lien on a property. They put me in touch with a REDC Representative who did not know the answer, but said she would check on it and get back to me. After a quick 10 minutes she came back and found me in the crowd with the answer to my question.

6.30.09
You will need to register with REDC to attend one of their auctions. Registering is free and easily accomplished by using the online registration form.

REDC may change the starting bid or information about particular properties and the best way to keep up with any changes is to check back with the website regularly. As an example, the property I was interested in was first listed as having a starting bid of $39,000 that changed two days before the auction to $19,000.