BOA transferring short sale to Selene Bank
So we made an offer on a shortsale that BOA had-the home was left in a terrible shape and had been vandalized after their appraisal had been done- after a week we were asked to get a letter from a contractor for our low offer justification- all the wires I mean every single wire in the entire home had been cut- the copper stolen from the units- we got the information from a contractor and submitted that- then about a week later we hear that they are going to just let it go to foreclosure.
Then we got word that its now sold to another bank and they may or may not pick up our offer and either decline, accept or counter- in the mean time the home is subject to more vandalism since its not locked up or protected sufficient enough-
Anyone have any ideas of what I can expect?
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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They should be asking property preservation to go secure the property to help prevent any future vandalism. If the transaction did not have short sale approval it's likely the short sale review will have to start all over with the new mortgage servicer. The new mortgage srevicer may order a new value to be completed or uphold the previous servicers value. Whoever is working the file needs to ask the right questions to see how the new servicer is going to proceed.
310-564-6489
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Permalink Reply by Tonia Girodo on
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The realtor stated that she spoke to the new bank and they said it would be this coming Monday 8-11, before they looked at it- There was no approval- BOA asked for us to sign their paperwork, then asked for a letter from our contractor to justify the low offer then we only heard that they sold it to Selene- we really want this one- but have others in mind as well and don't know if we should wait this out or just make an offer on another home- I really don't want this uncertain area to drag out another month and then back to square one-signing a new contract isn't an issue and we have the letter already from the contractor to submit to show low offer justification since the home was vandalized- we do know that the previous owners owed around $118k on the house before losing it. I appreciate any and all info. Thank you
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Thank you for the information. Its been sitting for 2+years according to the dates that we found on some papers showing the prop was winterized- Bank of America is who the property taxes were paid to- and that is who we first made our offer to- then we were told they transferred it to Selene-
We hope to hear something Monday in hopes of either counter offer or at this point any reply on our offer would be great- The thing about appraisers around our area have no clue what things really cost to cure- the electrical that every wire in the house was cut including in the attic that you have to army crawl to get around in-
Fingers crossed that everything works out. Thank you again for any and all info
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Thank you for the information. Its been sitting for 2+years according to the dates that we found on some papers showing the prop was winterized- Bank of America is who the property taxes were paid to- and that is who we first made our offer to- then we were told they transferred it to Selene-
We hope to hear something Monday in hopes of either counter offer or at this point any reply on our offer would be great- The thing about appraisers around our area have no clue what things really cost to cure- the electrical that every wire in the house was cut including in the attic that you have to army crawl to get around in-
Fingers crossed that everything works out. Thank you again for any and all info
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After our offer was resubmitted and we were given a 48hr min-72hr max timeline that is now over a week since-we finally heard today that the asset mgr will be calling the realtor back today- anyone tell me the asset mgr role?
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what was supposed to be 48hr min 72hr max last week is now "We have 30 days to get back with you" Honestly I feel its more the realtors not being persistent and knowing what they are doing. The ATP expires on the 15th of Oct- We have found something else and are considering moving on-
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unfortunately we have no idea- we were told the ATP net was $118 but that was before BOA knew of the vandalism that occurred after they had their evaluation done- once we turned in our pics and est from contractor that BOA requested we hear they transferred it to Selene- then had to wait to resubmit offer with Selene- the realtor said they couldn't put it to foreclosure until the ATP expired- I have to wonder if they are dragging to let that happen so that then they won't have to count for such a loss-
Either way if I could fire my realtor and start with another one I would but the LA is clueless as well and has a hard time understanding to call people back.
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OK- so what was supposed to be 72hrs- turned into 3 wks that turned in to another 3 wks- the latest is the LA has put in a ticket with HUD to get involved with Selene- anyone give me an idea of what may be next?
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