Bank of America agreed today to buy Countrywide, the country's largest mortgage company. This could affect short sale approvals as well as mortgage applications already under consideration. If you are trying to purchase a short sale and the lender is Countrywide, you can probably expect it to get even more difficult. But those Countrywide mortgage holders trying to arrange for a loan work-out or loan modification might soon find Bank of America more receptive to helping them avoid a foreclosure. Bank of America is picking Countrywide up at a fire sale price, and it's likely that they will want to help some of the defaulting borrowers avoid foreclosure.

I just received bank approval of a Summerlin short sale today! If you are a regular viewer of our Top 10, you know that great deals in Summerlin are hard to find. We never list short sales on our Top 10 unless the price has been approved (more on this subject tomorrow). This house was just approved at $238,000, and some lucky buyer is going to get a steal on a home in Summerlin.

Location, Location, Location and Price, Price, Price...cool. I knew I was good, but I even surprised myself on this one!

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