sale approved but lost buyer - now what?

I just got short sale approved through Wells w/ BoA as a second.

Was pretty happy with results and got written approval in 60 days.

You would think this would be good news and maybe even a little attaboy pat on the back.

 

Well the fat lady isn't singing yet.

When I reached out to buyers (whom iv'e been in contact with all along with updates and negotiations) they suddenly have decided not to proceed and want to be released from sale.

Still have not given up yet and trying to keep buyers at table, but looks grim.

 

So my question is this:

Sale was approved through Equator system - What is the best way to handle the situation?

I currently have no written backup offers, but will be reaching out to get.

What is the best way to keep file open and active and switch buyer so as not to go through full approval process strating from scratch.

There is not a foreclosure sale date pending (in NY so have time in that regard).

Only have 30 day window to close per second payoff agreemnt with BoA.

 

Any sugestions, recomendations or contacts would be greatly appreciated.

 

Thanks in advance,

Bart

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Permalink Reply by Cody Lampariello on July 22, 2011 at 5:28am

We have this happen all the time. Bank of America has actually just changed their system to allow you to work with back up offers in equator which is fantastic. As for Wells I am still getting the hang of them in Equator and have not had to submit a back-up offer as of yet. Best thing to do is send out an E-mail blast for an approved short sale you usually get a lot of offers on that. Once you have an offer notify the negotiator on file that your buyer walked but you have a back-up.

 

With most banks you are good at this time its just a couple of tasks to get it re-issued under the new buyer. Again I am not sure about Wells because I am yet to have to sub a sontract with Wells in Equator.

Permalink Reply by Kathleen Couch on July 22, 2011 at 6:05am
Tell them.  They know you wanted to keep the buyer, but have no control of that.  Sometimes they will lower the listing price, but usually not until 90 days.  Don't even think you can keep the file open completely, but it will be set so you can make another offer.  It is the process you have to do for new offers, unless you have one within 48 hours.  I get an initial response within 24 to 48 hours.  Not so bad.

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