Forum

Short Version..

Single Loan, Seller willing to come to the table with money, My offer is 24k over list price with an appraisal right at my offer price.. Investor originally declines do to not participating in HAFA, agrees to go traditional short sale everything resubmitted now investor will not communicate with BofA negotiator.

Timeline

Jan 23, 2012 offer accepted by seller

Feb 21, 2012 signed SS Addendums

March 19, 2012 listing agent update

“ I spoke to B of A this morning and we are still just waiting for the
Investor to sign off on the approval.  The negotiator again reiterated
that it will be "any day" now.  I'll let you know the minute I receive it!”

March 30, 2012 listing agent update

“As usual, they are behind and extremely disorganized….but the supervisor did confirm again today that our deal is approved.  They are just waiting for the letter to go through the proper channels before it is sent to me….hopefully tomorrow!”

April 7, 2012 listing agent update

“B of A had a skeleton crew yesterday because of the holiday.  I spoke to our rep this morning and we are still waiting for the investor to send the final approval letter.  She again confirmed that it will be any day now….sorry”

April 18, 2012 listing agent update

            “Still waiting for the stupid letter!  I am calling three times a day until it is in my hand!!!”

Later that day listing agent sends this email

“B of A just changed their systems over on 04/13 which may be partial reason for the delay.  The negotiator just emailed me stating they need my signature on the attached form before they will release the approval letter.  Please have him sign and then send back to me so I can upload it ASAP..thanks!”

Getting close right??? Wrong

April 25, 2012 listing agent update

“Did you get the voicemail I left you yesterday at 12:20pm?  I explained what was going on with the investor of this loan who has denied the short sale in the current HAFA program.  They have agreed to do the short sale as a traditional short sale but we are looking at another 2-4 weeks to start this over.  Call me when you have a minute to discuss..thanks”

The second email that day

“Bank of America is strictly the servicer for the loan on the property, as they are on 85% of their portfolio.  As such, they approve the short sales based on the individual investor criteria for each loan.  At the time the short sale was initiated, the investor on the loan participated in the government backed HAFA program.  Because of this, the file was automatically flagged for HAFA and was processed accordingly.  Since the file was submitted, the loan has been sold to two different additional investors.  It is not uncommon for these loans to be sold, however it is very uncommon for it to happen during a short sale.  Because the investor that currently owns the loan does not participate in HAFA, they declined the short sale and sent it back to Bank of America to be reinitiated as a Traditional Short Sale.  I was told this would cause a two to four week delay in getting the approval to close.  I apologize for the inconvenience to your buyer and tremendously appreciate his patience.  I wish there was more that can be done, but at the end of the day we are all at the mercy of the servicer(Bank of America) and the investor they answer to that actually owns the loan.  I’ll keep you posted as things progress…”

May 11, 2012 listing agent update

“Everything is completed on the file and we are just waiting for investor approval, I’m still calling every morning just to make sure nothing slips past us and to keep a constant bug in their ear.”

June 5, 2012 listing agent update 

“B of A allowed me to create an escalation on our short sale today.  This will send the file to a department for special handling and will hopefully get us a quicker response.”

June 7, 2012 we are asked to sign a new addendum

“We have been assigned Kim Fitzpatrick who is the Senior Operations Analyst Escalations Department, she has taken over our file as of today.  She apologized for how the file has been handled and assured me she would see it through.  She also sent the attached form needing a signature from you as the one in the file is outdated and will prevent the file from being approved.  Please get it back to me as quickly as possible..thanks”

June 11, 2012 we get this update

“Here is the email I just received today from Kim who said we are looking at 10 to 14 days max:

 Thanks Marc.  I will get this file pushed forward for you. Have a great day! Kim”

June 19, 2012 we get update from listing agent

“ Here is the email I just received from B of A...I just completed this
task for her


[ Print ] [ Close ]

Printable Message
Property XXXXXXXXX
PHOENIX AZ, 85045
Subject RE: Document Fixes
Body Hi Marc, I have sent the offer worksheet back to you changing the
closing date to 7/31/12 and increasing the prorated taxes to compensate
for the new date. Please accept the worksheet and send it back to me so
that I may get this wrapped up for you. Have a great day! Kim
Created By/Date FITZPATRICK, KIMBERLY - 06/19/2012 2:35:52”

July 16, 2012 that’s it now we are being told Kim is checking with the investor daily for an update and is not getting anywhere. Also I was very nice here to this listing agent but every update took multiple phone calls, texts, and emails for a single response! Very frustrating to deal with.

What can be done here?

Thank you,

Jeff