BofA Short Sale Nightmare

We have had an offer in on a short sale since Aug. We understand that these take time. What we don't understand is that all we get is it will be a little longer. Our question to all of you is HOW LONG IS TO LONG?  The latest excuse is that they have a call into upper management and you guessed it no call back. We just do not want to be one of the horror story's.Any suggestions???

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Permalink Reply by Kimberley Kelly on September 29, 2011 at 1:43am
Like it..!!  Wording would be different here in CA, and our Short Sale Information Advisory Form covers alot of this, but I could NEVER have too much clarification!
Permalink Reply by Sunnie SanLorenzo on September 28, 2011 at 8:16am
This is great Jeff- thanks
Permalink Reply by Becky Martin on September 28, 2011 at 9:28am
Nice, I like it:)  think I might change the 90 to 120 lol
Permalink Reply by Jeff Payne on September 28, 2011 at 9:46am

I thought about that but 90 days is usually plenty of time to get them done.  We usually can close them by day 90.  The bigger reason for it is so that buyers have at least an idea that it can take some time to get closed. 

Would love to see what others are using

Permalink Reply by Richard on September 28, 2011 at 7:28am
That's a very good point Kimberly.
Permalink Reply by Cassandra Bailey on September 28, 2011 at 9:03am
I was in involved in a shortsale from June 21 until Sept. 12.  The seller had two loans on the property they were going back and forth on the money part. The 2nd didn't get what they want  they asked me to contribute I said yes but 2nd wanted more, the 1st said no. So they closed the file, seller is forced to foreclose on property and I'm starting over what a waste of time.
Permalink Reply by Richard on September 28, 2011 at 11:01am

Cassandra,

 

That's the worst part about the transaction.  You're committed and some others could care less.  In my negotiating and transactional future, I'm trying to avoid that.  I've always known that for the most part, these lnders have no sympathy for the buyers and more often than not the sellers as well.  Because they have deep pockets, they can afford to do this.  That's pretty evident with the glut of homes on the market.  However, that's a known hurdle going into a transaction.  But when the negotiating parties and the sellers give a lackluster effort at their jobs at someone else's expense, then that's another hurdle unaccounted for.

 

It's similar to watching an Olympic 100 m hurdles race where someone has just placed another hurdle 3' behind the first hurdle.......nothing good can come of it.  Watch the bodies fall.

Permalink Reply by Richard on September 28, 2011 at 10:43am

Jeff,

 

It's great you shared your document.  After the nightmare that I went through on this last short sale. I drew up a Commitment Addendum that will be required to be signed on any short sale that I offer on.  If you notice in my more recent posts, I reference this.  If the listing/seller and buyer's agent don't want to sign it, then I move on.

 

The way I see it, my money is good as the next guy or gal.  I know the lenders don't play by the rules but, if I can't get a commitment from the other parties, then why I am I here?  I set it up for added security and to make sure milestones are documented.  To me, it's about who wants to play ball!  If the seller needs out, and the listing and buying agent want a sure transaction, then let's get the show on the road.

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