On March 15, I made an offer on a short sale property. 75 days later, the listing agent emailed Bank Of America (who held the property) that the process was taking a long time as they had gotten the property finally released from bankruptcy in June and we wanted to proceed with negotiations. B of A negotiated a price for the property, I accepted the price. I signed the agreement of sale, B of A accepted the agreement of sale.in late August I was informed that the short sale agreement would expire on 8/31. We were still in the process of completing the mortgage approval process so we were able to get an extension from B of A. Ultimately, we agreed to close on the property on 9/15. When we got to the closing table, the title company was informed by the bankruptcy court that the property being sold was part of their assets and had not been released for sale. Bank of America had had supposedly had the property released from bankruptcy 3-4 months ago. They (B of A) have insisted that the property falls under their jurisdiction to sell. They are now going through the motions to approve whether to petition to get the property release from bankruptcy. They are unable to give any time frames. They have had this non performing asset on their books for over a year and had a serious buying in the waiting for 7 months. Meanwhile, they have failed to do their due diligence to sell the property.
Damage Resulting
I have given notice at my apartment that I am terminating the lease at the end of the month. I have to extend my lease but will be subjected to a lease break penalty if this gets resolved in less than 60 days. I rented a truck to move on 9/19. I have paid for the appraisal, earnest deposit, inspection. I took a full day off from work to go to the closing table. I have lost interest for 4 weeks on monies transferred from a high interest account to a lower interest checking account. I will not be within the time frame to apply for the $8000 first time home buyers tax credit if this drags on past October 15.
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