Short Sale approved by Bof A buyer agent hinting buyer may walk...I have an agent with an offer ready to step in

All:

B of A approved short sale buyer agent hinting buyer may walk...I strongly believe they will (coe is 04/12)

I have an agent with a signed offer whose buyer is sincerely committed to the property. I would like to put the new buyer in first position. The Trustee Sale is on the 04/25 (Trustee Sale has been postponed twice already)

As you can see I have a short window to work with. What do you think the chances are of the Trustee Sale being postponed for a third time?  And will the new offer get FAST TRACKED? in Equator?

 

Your Thoughts...

 

Thanks in advance SuperStars !

Rick

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Rick, are you the listing agent?   Upload your new offer in equator and be sure to send it to AVP in the drop down box when you send it.  Keep sending to the AVP until you get your approval..


Jeff Payne said:
Rick, are you the listing agent?  Upload your new offer in equator and be sure to send it to AVP in the drop down box when you send it.  Keep sending to the AVP until you get your approval..
Yes, I am the listing agent. Jeff, Thanks for the quick response . I will jump back into Equator.

Jeff,

Equator under heading of Place A New Offer not allowing me to upload a new offer...possible reason my file status is now with the Closing Agent...? 

Rick Trono said:



Jeff Payne said:
Rick, are you the listing agent?  Upload your new offer in equator and be sure to send it to AVP in the drop down box when you send it.  Keep sending to the AVP until you get your approval..
Yes, I am the listing agent. Jeff, Thanks for the quick response . I will jump back into Equator.
Jeff - what is AVP - I only see SVP in my choices in Equator? 

Jeff Payne said:
Rick, are you the listing agent?   Upload your new offer in equator and be sure to send it to AVP in the drop down box when you send it.  Keep sending to the AVP until you get your approval..
Julie, I typed too fast, you are correct.   SVP

Rick.... sadly BoA does not do replacement buyers, you will be forced to start over, there is no fast track, only starting over.  We also do what Jeff advised, to include the SVP on your Equator correspondence.  We had a BoA nightmare property that took us 14 months to get closed through BoA (long story) and the auction was postponed more than 8 times to allow it.  A word of warning with BoA... DO NOT rely on them for auction status, get the name of the trustee and keep on top of it yourself.  If BoA says it's been postponed and the trustee tells you differently, go with the trustee and push back on BoA until it's resolved.  Your negotiator has direct contact to the trustee and can verify with you still on the phone that the property is still headed to auction.  Once they know that, they can make things happen... if you trust the negotiator's word and do not check it out with the trustee handling the auction you may have the property sold right out from under you....  This can be an even bigger problem for files with Chase...

Alyce, I'm sorry you have not had luck quickly swapping out buyers with BOA. That being said, your statement is 50/50 true/false (depending on if you know how to do it). BOA does swap out buyers quickly without having to restart at the beginning. I got a new buyer swapped out in 3 days, so, it is certainly possible. You need to threaten lives and families.... LOL j/k.

Alyce Nelson said:

Rick.... sadly BoA does not do replacement buyers, you will be forced to start over, there is no fast track, only starting over.  We also do what Jeff advised, to include the SVP on your Equator correspondence.  We had a BoA nightmare property that took us 14 months to get closed through BoA (long story) and the auction was postponed more than 8 times to allow it.  A word of warning with BoA... DO NOT rely on them for auction status, get the name of the trustee and keep on top of it yourself.  If BoA says it's been postponed and the trustee tells you differently, go with the trustee and push back on BoA until it's resolved.  Your negotiator has direct contact to the trustee and can verify with you still on the phone that the property is still headed to auction.  Once they know that, they can make things happen... if you trust the negotiator's word and do not check it out with the trustee handling the auction you may have the property sold right out from under you....  This can be an even bigger problem for files with Chase...

Alyce and Negotiator,

 

Thanks for your insightful replies

What is sometimes mislabeled as "fastracking"  is simply - when an offer has reached the "Closing Stage" the seller's financials have been  approved and this makes it easier for B of A to expedite a new offer.

 

Thought: Lenders have been negotiating short sales for quite a few years now...you would think more of them would have better streamlined the approval process by now.

  

 

Rick

 



The Negotiator said:

Alyce, I'm sorry you have not had luck quickly swapping out buyers with BOA. That being said, your statement is 50/50 true/false (depending on if you know how to do it). BOA does swap out buyers quickly without having to restart at the beginning. I got a new buyer swapped out in 3 days, so, it is certainly possible. You need to threaten lives and families.... LOL j/k.

Alyce Nelson said:

Rick.... sadly BoA does not do replacement buyers, you will be forced to start over, there is no fast track, only starting over.  We also do what Jeff advised, to include the SVP on your Equator correspondence.  We had a BoA nightmare property that took us 14 months to get closed through BoA (long story) and the auction was postponed more than 8 times to allow it.  A word of warning with BoA... DO NOT rely on them for auction status, get the name of the trustee and keep on top of it yourself.  If BoA says it's been postponed and the trustee tells you differently, go with the trustee and push back on BoA until it's resolved.  Your negotiator has direct contact to the trustee and can verify with you still on the phone that the property is still headed to auction.  Once they know that, they can make things happen... if you trust the negotiator's word and do not check it out with the trustee handling the auction you may have the property sold right out from under you....  This can be an even bigger problem for files with Chase...

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