Toma Partners in New York Times

During the busy month of October, reporters from the New York Times (NYT) found time to speak with Toma Partners broker Benjamin Toma about banks, short sales, and the real estate market in general. NYT writers visited our offices and spent a few hours interviewing our management and agents to gain a better understanding of the Phoenix real estate market and short sales.



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3 Responses to Toma Partners in New York Times

  1. Greg Bradford says:

    I know the article is really harsh with BOA, which is fair, but aren’t all the banks the same?

  2. Ben Toma says:

    It is true that all (or most) of the banks can be difficult to work with but BofA is in a league of their own. The best comparison is against the other big banks and Wells Fargo and Chase are much easier to work with in general. However, each short sale situation is different and a few BofA short sales do go through relatively quickly with limited drama. This may be a function of the investor on the back end but BofA’s process is not transparent so there is no way to tell for sure. The bottom line is that their process is much worse for all involved….including for them and their investors since a failed short sale resulting in a foreclosure nets the investor significantly less in the end.

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