I am the selling agent on a B of A short sale where the property itself is truly distressed. There are three sump pumps in the basement. Seller moved out and turned off the electricity, resulting in literally a foot of water in the basement and mold everywhere. Property is deteriorating rapidly. My renovator buyer may try to further reduce the price if we can not close very quickly. The City will probably condemn the place if they find out the condition. B of A has had everything they need for awhile. File has been escalated three times by professional negotiator (attorney). B of A is ten days behind on four tasks remaining. Does anyone have a contact at B of A who can take this matter seriously and move it forward? $300,000 selling price. Potential big loss to Bank of America if it is condemned.
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Here is the latest, everyone. BOA has just turned down the sale because of "too many changes of buyer". There has been no change of buyer. The buyer is a renovator/developer who was going to take title in one of his LLCs, and decided to take title in another. That's it. Meanwhile the property has been sitting with a foot of water in the basement and mold growing everywhere. I am sure by now the stench is overwhelming. I can show it to another renovator, but I am afraid that BOA will think it is the same buyer by a different name if I submit the offer. I am also concerned that the price will be much lower, because the property will have deteriorated so much since we started this.
Hello, all. Here is the latest on this. Yvette from the social media team at BOA saw this discussion and reached out to me. She monitors Short Sale Superstars. Congratulations to you all and espcially the creators of this site on this. She reviewed the file and apparently made things happen, because we got some immediate attention. On 4:49PM Monday April 30 the listing agent and I (the selling agent) received an email from the Platinum group (processing for the seller and listing company) that BOA wanted certain additional docs from the buyer within 24 hours. Those docs were received by me and forwarded instantly to Platinum at 4:14PM Tuesday. The next thing I heard was that BOA had terminated the file because the docs had not been received within 24 hours. Platinum is re-initiating the file. Something is wrong somewhere.
Excellent!! The BofA social media team is awesome. I've used them many times. Most of the lenders are monitoring this site and do step in to help our members..
hi ellen. i can help you. kim@kimkaplan.com
Have seller turn power back on and you pay out of your commission. It's better than nothing!
If a home is vacated during a short sale...in my state...the lender can deem it ABANDONED and foreclose it!
Good ideas from all. Thanks.
Chances are they will tell you to tell the seller to make an insurance claim. If the Twitter team doesn't do anything for you, send me a private message and I will give you the head of short sale escalations in the Simi Valley Office.
How does Bank of America approve any short sale when they are not the holder in due course? So many of these "servicers", aka debt collectors NEVER tell anyone that they have limited power under their Pooling and Servicing Agreement. Also they, the "servicers", never tell you that they make twice as much money "servicing" the delinquent loan as they do a loan that is paying on time. Good luck getting BofA to help. That is not their business. Keep going UP the chain of command is all you can do. Document everything, which I know you are doing!
Contact their social media team on twitter at @BofA_Help They are excellent and can get you to the right people.
Thank you very much!