Bank of America 120 day hold

[joijoi]

Hi guys,

Hope everyone is making money.  I have a question.  Just heard that BOA is demanding that buyers hold the property for 120 days after purchase?  Has any one ran into this on their short sale acceptance ltr from BOA, and if so, how are you working around it?

My money is transitional funding and this will not do for me.

Also, are their other banks out there pulling this non -sense?

Thank for info. 

[smitnlit]

I think it's 30 days.  I could be wrong, but we just pulled out of all our pending BOA deals.  We will find an end buyer for all the homes and still negotiate the short sale, but we won't be buying. 

I also have a transitional lender, but he's willing to negotiate something so we can hold properties.  Not sure what yet.  I'd be open to seeing what others are offering.  Right now, transitional funding for a long hold is not worth it for us.  It eats too much profit.  We'd make NOTHING for months worth of work.

[joijoi]

Thanks for your feed back and as far as transistional funding and holding the property, no it is not worth the lost of money.
Thanks