I wonder if anyone has had this kind of dealing with BOA?? I was a buyer on a BOA short sale property. Made the offer and it was accepted by BOA. All the contracts were signed and sent in and we put down our earnest money etc. Jumped through all the equator hoops and got green lights. The sellers redemption rights were very close to expiring. We had three weeks after the contract was signed to get the letter from BOA in order to schedule the closing. The realtor called DAILY to make sure we would not run out of time and not get the letter. She talked to everyone possible to the highest power and even talked to the attorney in charge of the seller's foreclosure from BOA and was assured she would get the letter to be able to close. Guess what?? No letter. The day after the redemption date----the file was closed in equator. She talked to someone in the BOA office that said she had the letter on her computer, ready to send but could not get the authorization to do so. In other words----they let the time run out on purpose so they could foreclose on this guy. Fast forward a few months and this house is again going back on the market as a REO. We make an offer. A week later the house is pulled back off the market (no answer to our offer). Now they have told the new listing agent that the bank is now going to "keep" the property and refurb it themselves so they can sell it to a vet. What?? Since when is BOA in the house flipping business?? Ironnically, we wanted to buy the house to fix up as a place for my daughter and her husband to live, who will be returning from the Marines. I have never heard of a business operating like this.
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Unlike people, banks seem to have no problem going back on written approvals - this happens way too often. It seems to me, once you have an approval, that is a contract - they even usually sign them. But banks get away with doing pretty much what they want.
At least 1 investor (FNMA) has admitted to bumping up the price 20% after they get the evaluation. They feel property values are going up (in a blind dumb way, but there is truth to that in places) and they want to get that extra money. The other thing that FNMA does is foreclose then list the property on their website, homepath, at the inflated price and offer the "bargain" of buyers not having to pay for an appraisal, FNMA will GIVE them the loan for the property (at the inflated price). Nice, eh?
The bank itself is paid by the investor to "maintain" the file as long as the property is not sold. This is why banks are so hard to deal with in short sales - they do pretty much whatever they can to stall them. The banks also make a lot of money charging for each step of a foreclosure - so, foreclosure good, sale bad.
Is all of this kind of stuff they do legal?? It certainly doesn't seem to be in terms of morality but what about in the eyes of the law?? I guess could not sleep with myself at night if I knew everything I did during the day was a sham and did nothing but hurt other people. I just don't get it.
In the past, when "legal" was a concern, money people behind banks, Goldman, etc. had their little pet politicians make things legal. What is usury? It does not exist for banks, just non-banks. Banks can charge whatever interest rate they want, you, as an individual or non-bank, cannot.
These days, banks are above the law. HSBC, clearly caught money laundering for (at least) gun runners and drug cartels, was deemed "too big to prosecute" by the greedy bought and paid for Republicans? Nope, by the protector of the U.S. Citizen - when he isn't killing him via drone w/o habeas corpus, Democratic prez. So, is what banks do legal? Well, yes and no. These days, it no longer matters.
The U.S. seems to be run by magicians with $$$. Make a big deal of paranoia about gun control while sucking the value out of every schmuck's house/401K/savings (really? that silly little hunk of metal is going to protect you against Obama's drone? Let me take another $100K of value out of your house while you are spit polishing your gun) But, hey, we are soooo happy that we have a 400 shell magazine in our hands. (Don't look at the man behind the curtain.)
It is our fault, but we've been heavily manipulated to get here - separated from assets bit by bit while we enthuse over Kim Kardashian. Now really, is being able to eat and get medicine in the future more important than seeing Kim's baby 5 minutes before your neighbor? Clearly not... ...sigh...
Very well said......and very sad!!! :(
When you made the offer, the offer wasn't "accepted" by BOA, it was accepted by the seller, subject to approval by BOA. Three weeks in generally not enough time to get an approval.
We don't deal with redemption periods here in Florida, but banks typically won't approve a short sale, or even process one sometimes, within a certain amount of time preceding an auction date. I would think it's the same especially after an auction sale, and in reference to an expiring redemption period.
BOA isn't in the rehab/flying business. This is one their programs instituted to make amends for past abuses/violations, etc.
It actually WAS accepted by BOA. It was on the heels of another offer that had been accepted but the buyers had walked. That being said......we offered the exact same offer----except it was a cash offer. It was all sent through the equator system and BOA actually countered our exact offer. We accepted it and all was a go-----with the exception of getting the letter needed to close. It was on the fast track simply because they said they knew the seller's redemption rights were running out. In this case.....the buyer accepted the deal but it didn't really matter because BOA had already kicked him out and were calling the shots anyway. It was a totally messed up deal. It would have been more respectful had they just said up front that they were going to finish foreclosing on this guy rather than gets his hopes (and ours) up that we had a deal. Funny how they think that rehabbing this house as some kind of charitible gesture would make up for the grief caused to both parties in all of this?? I am still very bitter about the whole thing.