Buyer just walked after 7 months of waiting
My house has been up for a short sale with BofA for almost a year, in Feb we received a contract for $200,000 and we were asking $215,000 so we take the offer . All paperwork is signed and turned in to begin the LONG process of a short sale. With a $200,000 offer the bank comes back and says they will only take $190,000 SERIOUSLY??!! Ok,so buyers are very happy!! so since Feb we have had 3 closing dates scheduled, 3 appraisals, we were approved for HAFA and then denied a month ago, denied a coop short sale and started back over with a regular short sale. Not sure why we were denied on these options, and of course no one will tell you why. So NOW just a week ago the bank comes back and wants $195,000 for the house, because of the last appraisal. So now we have to see if the buyers, that have been waiting patiently for almost 7 months, will now settle for the sale of $195,000 instead of the $190,000. So they agree about a week ago and we resign the contract for $195,000. With all of these changes my realtor and their realtor put in for an Oct 15 closing, giving the bank plenty of time to get the ball rolling. I had just called on Sat for an update on the SS and was told the offer was in offer analysis which could take 3-5 days and then to approval which could take up to 9 days. Perfect, sounds like things are finely rolling in the right direction now. THEN this afternoon I get a call from my realtor saying our buyers, that have been waiting for almost 7 months want out of the contract. I truly don't blame them, not sure why they lasted this long? We have done everything that we have been asked, the same paperwork turned in MANY times, kept up on the situation with weekly calls from myself and my realtor. We have jumped through barrels with BofA and now they made us loose our buyers, because they have no need to help anyone out with this.
I am now furious with BofA and their so called trying to help people out in distressed situations. They do not care!!! they have NOT worked with us at all!! Now I am most probably looking at foreclosure (no date has been set yet), or if we receive another offer on the house we would need to completely start the SS over AGAIN and then would need to close by end of the year because of the mortgage forgiveness act.
Is there any recourse that I can have with the bank if my house goes into foreclosure? They certainly are not in a hurry to help me out with my house and myself and my realtor have done everything that they have asked of us.
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Carolyn - Unfortunately, the programs you mention, HAFA and Bank of America Coop, can change even during a transaction. They are voluntary. The other monkey wrench may have been Bank of America changing third-party vendors, and they did major program changes at the beginning of the summer. No matter what, though, seven months is ridiculous. As for the Mortgage Forgiveness Debt Relief Act, there are other ways to save on possible tax implications - ask your accountant. What I would do is put the house back on the market. Next time, ask your agent to use Bank of America Twitter escalation if things go off track. Have him join our site, too.
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I agree with Brian. They would have accepted the original offer, even if it was higher. And they should have. (That's called a free market, but don't get me going.)
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Permalink Reply by Smitty on
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This is the stuff that pisses me off ROYALLY. Imagine if this poor woman ended up in foreclosure. This is the kind of stuff I want to see in the paper. She should call BOA out about this. there is NO REASON a short sale should take 7 months. Maybe her agent did mess up but still, 7 months is NOT because of one small screw up. We all know these things can take forever, but it's not like her loan got sold 1/2 way through or she filed bankruptcy. This is completely NOT ACCEPTABLE on BOA's part.
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Permalink Reply by Debi Braulik on
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I have a short sale listed with BoA since October 2011! We have gone through 3 buyers. BoA keeps asking for the same documentation over and over. I have used Twitter escalation with no success. And yet my other BoA short sale was approved in 7 weeks. Go figure! Hang in there. Get your property relisted asap. I know it is so extremely frustrating!
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Permalink Reply by Carolyn Roberts on
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Well more to the saga with good old BofA and this never ending problem. My realtor found out yesterday by BofA that our loan is in the process of being sold. REALLY, who wants a bad loan and why?? He found out that the transition goes through on Oct 14. Why would this happen if we were seemingly so close to closing? Why after almost a year of not making payments and going through a short sale process would this happen?
So now our question is, is do we relist immediately and then the ss would have to start over with BofA or wait until Oct 14 when the loan is sold to relist it? My relator is not sure of the purchaser of the loan, but he believes its Greentree. Has anyone worked a ss with them? would it be easier to start over with them?
But again, my problem and worries is the timing and I'm afraid the house will go into foreclosure before ALL of this is said and done? Any information would be greatly appreciated. Thanks!!!!
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