BofA Short Sale Nightmare
Replies to This Discussion
-
Permalink Reply by Brent Innocenzi on
-
Your offer is from 1 month ago August?
-
Permalink Reply by Richard on
-
Tim,
It sounds like your agent may not have informed you completely. In most cases, short sales take several months. You may need to sat down and have a face-to-face talk with your agent. I've heard of as short as a month and as long as 15 months, but I'm told that is a rarity. I'm a buyer myself and understand that fustration.
-
Permalink Reply by Jeff Payne on
-
Tim, August of 2010 or 2011? Seriously, you are just getting started? How long did you expect this to take? Has a BPO been completed yet? Has a negotiator been assigned?
Short sales can take up to 6 months, most likely it will take about 90 days if all ducks are in a row. Having the ducks in a row is most important.
-
Permalink Reply by Tim Teachout on
-
We understand what you are saying...BPO is done we were preapproved yes a negotiator has been assigned. All our ducks are in a row!
-
-
then why the impatience? you are well underway and should see some movement.
-
-
I got your PM, not sure what whatever was direct towards, good luck with that advice that you got from Bank of America. I assume that you also know who the investor is too?
-
Permalink Reply by Kimberley Kelly on
-
If you're tired after only 30 days, you should not have submitted an offer on a Short Sale.
-
-
+1 ! Many times it is not the buyers fault, often they are only going by what their agent tells them. I use a buyer/buyers agent acknowledgement sheet that explains the short sale process and both buyer and buyers agent are required to sign.
I think from Tim's posts, he is probably in investor review but at this point we don't know who the investor is to give him any direction on time frame.
-
Permalink Reply by Kathy Scruton on
-
Jeff, your Acknowledgement sheet is a great idea!
-
-
I agree...........that's an honest straightforward approach.
"1st of all no offense to the buyer above but, I don't think that any agent want to be running a Kindercare business with their buyers, especially with a huge workload, however educating them and laying out the process at the start and then getting a commitment based on reality will put minds at ease."
I'm sure that earns Jeff future repeat business as well.
-
-
Buyer and Buyers Agent Disclosure Please make sure buyer is aware of all items below before making offer: Buyer must be approved with lender and provide letter on lenders letterhead or provide proof of funds on bank letter head with all offers
Buyer:____________________________________________ Date:_________________
Buyer:____________________________________________ Date:_________________
•
• Closing date to be at least 90 days from executed offer from buyer and seller
• All offers must be on a Florida Association of Realtors AS-IS with right to inspect contract
• SETCO Services, 7714 Front Beach Rd, Unit C, Panama City Beach, FL 32407 shall conduct the closing. Escrow deposit checks should be made out to SETCO Services
• Only one offer will be submitted to the lender for approval, should a multiple offer situation occur, seller may choose any offer regardless of order in which received. Once seller accepts offer, all other offers will be held, pending outcome of sellers accepted offer. Listing will be changed to PENDING in MLS
• Buyer agrees to close within 30 days of lender approval
• In the event that the seller’s lender(s) present a counter offer to buyer, buyer has 2 calendar days to respond by accepting, counter offering or cancelling contract.
-
-
Didn't copy correctly but you can get the idea
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons