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Bank of America foreclosed on CASH buyer Posted on September 26th, 2010 by Christine Bank of America FAILED to stop the foreclosure proceedings in Florida court after jason grodensky purchased the house for CASH through a short sale and the BofA mortgage was paid by wire transfer.

Bank of America Streamlines the short sale process. bank of America’s reputation was so bad that some real estate agents refused to list a short sale if Bank of America was involved. Buyer’s agents refused to write offers on those listings. Those agents would rather poke out their eyes than touch a former Countrywide loan, much less an original Bank of America loan that is sinking underwater.

Yet her 45-room estate, once worth $100 million, ended up the hands of Bank of America in February. most likely a big hidden inventory of luxury foreclosures. But even the super wealthy can run.

A foreclosure occurs when a property owner cannot make principal and/or interest payments on a loan. The property then goes through the foreclosure process and is placed for sale by auction. If the opening bid is not met, the property becomes a REO or real estate owned.

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“A bank. of cash.” If you hope to get a great home for a low price through a foreclosure or short sale, be sure to do your homework and be aware that it may take a long time and come with extra.

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Is it difficult to buy a foreclosed house by Bank of America instead of Wells Fargo? What is the criteria for buying a foreclosed homeand how long? find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.