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Market Updates

Short Sales: Bank of America Reveals Some Cards

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bank of america santaBank of America just released an email that should be noteworthy for anyone playing ball in short sales right now. Anyone who's a registered agent with Bank of America would have received this email on or around Dec 4, 2012.

I've pasted a screenshot of the whole email for you below.

What It Is

This comes to us via the inbox of Mogul faculty Shaun McCloskey. Shaun and his team handle a lot of short sales (and do very well) in this market, and so naturally aim to keep their finger on the pulse of what’s happening.

Basically with this email they've formalized some of their already existing policies and procedures as to what is and is not acceptable for agent commissions on certain types of short sale transactions, and also clarified certain types of structures that will result in an automatic decline of a short sale.

What This Means to Investors

Short salers: This offers you some welcome clarity on some things that can trigger your short sale deal being flat…


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