Replies to This Discussion

Permalink Reply by Deena H on May 20, 2011 at 3:16am

Oh ok so it's definitely up in the air about everything then!  Thanks again for the input!

Permalink Reply by Richard Kirk on May 20, 2011 at 3:20am

Don't mean to scare you Deena---keep in mind, this is all pretty normal and customary with BofA.  It's just tough for you being the buyer here..  good luck

Permalink Reply by Deena H on May 20, 2011 at 3:23am

Yes it is definitely stressful for me, but I think if I was informed a little more even if it is just to tell me no change, I would be more calm instead of the freaking out and stressing that I have been doing lately!  Thanks!

Permalink Reply by Jeff Payne on May 20, 2011 at 4:21am

Deena,

Sadly this is normal.  One of the biggest complaints that we as agents have is that the approvals are buyer specific.  When the previous buyer walked, the process essentially started over and most likely the previous BPO was too old and they need a new one.

As far as your offer, they can reject it but most likely will counter offer it with a market value counter. If the property is really worth 210,000 and you want to buy it for 180,000, your offer is really $160,000 to $165,000 to bank of america due to the expenses involved, that is the amount they will net.  I belong to the side that says it will take fair market value or something close to it to get the short sale approved with BofA.  Others have been successful in getting discounts, I have been successful in getting fast BofA approvals with solid offers that represent market value.

Best of luck.....

Permalink Reply by Deena H on May 28, 2011 at 5:11am

Update:  My realtor forwarded this email to me today from the lawyer, can someone help me understand it cause my realtor said he was a little confused too!

"please be advised that HAFA agent is still working on the file.  He did credit pull, BPO, and valuation analysis.  We are waiting for asset manager to be assigned on June 1st.  We will follow up on that day to keep it moving.  We also asked for an escalation of this file twice.  Today thy denied doing so since the lender doesn't have the power to influence any longer - it is in their subcontractor's department."

A couple of questions:

 who is an asset manager and what do they do?

Also why does the lender no longer have the power to influence and who is a subcontractor and why do they now have the file?

I am so confused as to what is going on!  I will appreciate any help! 

Thanks

 

Permalink Reply by Bryant Tutas on May 28, 2011 at 6:04am

Hi Deena. An asset manager is the person who is in charge of the asset (the loan). We also call them negotiators. They work for the lender/investor.

 

When they say lender they really mean servicer. The servicer is the company you make your mortgage company to. In your case BofA. The loan however has more than likely already been sold off to an investor (Fannie Mae, Freddie Mac, pension fund etc). HAFA short sales are normally handled by company that subcontracts with the lender/servicer to handle these files.

 

The update sounds to me like things are moving forward. The HAFA process can easily take 3 to 4 months. You are a tad over 2 months in. It's a very frustrating process for all involved because even though the agents and yourself may not be receiving updates there is actually a lot of stuff going on behind the scenes with the lender. It takes them several weeks just to do their internal evaluations to get ready to present the file to the investor and mortgage insurance company. Throw HAFA into the mix and you have about 4 different entities that have to coordinate getting an approval.

 

Your expectations going in should have been that this would be a 4-5 months process from time of accepted contract to closing. Chances of the transaction closing though are probably very high. It just takes time. I truly hope this all works out for you. Hang in there.

Permalink Reply by Aaron Ayotte, Short Sale Monkey on November 9, 2011 at 4:30pm

Deena,

It's now November, and since there's no new posts since May, I'm wondering if the deal was closed or if you terminated due to the time involved.

 

 

Permalink Reply by Deena H on November 13, 2011 at 8:03am

Hi aaron,

We ended up finally getting a counter in august but it came back way higher than the house was even worth so we countered back and provided comps to support it but they wouldn't budge on the price so yea we ended up backing out after 5 months. We stopped looking at houses for a while but now we actually put an offer on another BofA short sale home last wk so I hope it doesn't take 5 months again!!! This one already seems to be moving a little faster than last time so keeping my fingers crossed!

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