Three Short Sale Offers -Some Buyers Agents Don't Get It!!
This week I had three offers on short sales. Despite my MLS instructions to allow 120 days for approval, each has a 30-45 day closing! In addition, each asked for ALL THE CLOSING COSTS to be paid by Bank of America. BOFA WILL NOT PAY ALL CLOSING COSTS. When I told one of the agents I had probably sold 100 BOFA short sales, and they DON'T do that, she emails me BOFA brochure that states:
"Frequently Asked Questions"
How flexible is Bank of America in paying closing costs?
Bank of America allows for the payment from sale proceeds of those closing costs that traditionally
are paid by the seller (i.e. commissions, appraisals, taxes, etc.). Bank of America will, in some
circumstances, allow closing costs that traditionally are paid by the buyer to be paid out of sale
proceeds. All costs are included when Bank of America considers whether to accept a Short Sale offer.
Of course, I know from PERSONAL EXPERIENCE this is NOT the case, and I've told her, but her buyers refuse to adjust closing costs.
How do you handle buyer agents who just don't "get it"?
"Frequently Asked Questions"
How flexible is Bank of America in paying closing costs?
Bank of America allows for the payment from sale proceeds of those closing costs that traditionally
are paid by the seller (i.e. commissions, appraisals, taxes, etc.). Bank of America will, in some
circumstances, allow closing costs that traditionally are paid by the buyer to be paid out of sale
proceeds. All costs are included when Bank of America considers whether to accept a Short Sale offer.
Of course, I know from PERSONAL EXPERIENCE this is NOT the case, and I've told her, but her buyers refuse to adjust closing costs.
How do you handle buyer agents who just don't "get it"?
Replies to This Discussion
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Permalink Reply by Laurel Starks on
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Throw their offer in the trash. In SoCal, we have so many offers on one property that it makes no sense to waste time on offers that are absurd......and I disclose that in my MLS instructions.
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Permalink Reply by Wendy Rulnick on
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Laurel - Thank you !! I was partially VENTING because I am really sick of these offers.... They cannot read, don't understand, and are "experts"!!
Laurel Starks said:Throw their offer in the trash. In SoCal, we have so many offers on one property that it makes no sense to waste time on offers that are absurd......and I disclose that in my MLS instructions.
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Permalink Reply by Melissa Polce on
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I really wish buyers agents would get in the game and really educate not only themselves on the process but also their buyers...these transactions aren't hard... patience & education on the process goes a LONG WAY
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Very frustrating! Sometimes I feel like a broken record!
Melissa Polce said:I really wish buyers agents would get in the game and really educate not only themselves on the process but also their buyers...these transactions aren't hard... patience & education on the process goes a LONG WAY
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Permalink Reply by Jeff Payne on
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It also says on BofA's website that they will close 60 to 90 days on a short sale. HA! I am sure the agent that contacted you has closed 200 and has way more experience. :)
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Jeff - I know, she even told me she "searched the MLS" and found many closed that said "all closing costs paid by lender!" Next she will be quoting Bank of America's website. The other thing that kills me is that I get some of these offers from agents who have been in real estate 20 years. I just got one with a DECEMBER 15 CLOSING!!!! Bank of America!!!
Jeff Payne said:It also says on BofA's website that they will close 60 to 90 days on a short sale. HA! I am sure the agent that contacted you has closed 200 and has way more experience. :)
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BofA will pay closing costs, SOMETIMES. MLS? Yea, that is accurate... My favorite MLS remarks are "Do not use as comp, this was a short sale" or "Not a short sale, seller brought money to closing"
The 20 year agents can be worse, especially when they are dealing with a newbie like me.
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On closing costs, I'd rather go with the 95% percentile. I have NEVER had BOFA pay ALL closing costs!! I know, for my short sale closings, under sales notes, I write "no unusual sales factors" because it forces you to use the field. OK- if someone pays the $20,000 deficiency, technically it was short, but not going through the short process, I think removes it from the stigmatized property type, IMO... The 20 year agents (like me BTW!!) one would expect more from MUCH MORE!!
Jeff Payne said:BofA will pay closing costs, SOMETIMES. MLS? Yea, that is accurate... My favorite MLS remarks are "Do not use as comp, this was a short sale" or "Not a short sale, seller brought money to closing"
The 20 year agents can be worse, especially when they are dealing with a newbie like me.
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Permalink Reply by Geanne Pack on
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Hi Wendy,
I've closed several short sales with BOA and they have given 3% to recurring & non-recurring closing costs as well a pest and home warranty. In my humble opinion you only get what you ask for and if you don't ask it won't happen. As for the close of escrow period 30-45 days is a normal closing period AFTER YOU RECEIVE APPROVAL from the bank as time periods don't begin until then. Once you have an approval from the bank, the buyer should be able to close 30-45 days depending on type of loan.
Hope this helps,
Geanne
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Geanne,
May be different states - different results. I have been so told by BOFA higher ups at one time. When I foolishly tried this in the past, of course, the HUD's were sliced and diced. If a buyer does not have the money, I am not going to recommend my seller take the property off the market (required by my MLS) for four months while I bang my head against a wall and then the offer is rejected because of closing costs. Four months closer to foreclosure for the seller, all time wasted. As I told Jeff, I'd rather go in with the 95% chance of success, instead of 5%. Thanks for sharing your info.
Geanne Pack said:Hi Wendy,
I've closed several short sales with BOA and they have given 3% to recurring & non-recurring closing costs as well a pest and home warranty. In my humble opinion you only get what you ask for and if you don't ask it won't happen. As for the close of escrow period 30-45 days is a normal closing period AFTER YOU RECEIVE APPROVAL from the bank as time periods don't begin until then. Once you have an approval from the bank, the buyer should be able to close 30-45 days depending on type of loan.
Hope this helps,
Geanne
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Permalink Reply by Corine Holland on
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Hello, I currently have a buyer with an offer in on a BOA short sale and they file has been in "SPO Review" for 3 weeks now and no one including the listing agent can tell me what that means. Have you ever heard of this before and if so please give me some insight as to what it means. This is my first short sale with BOA so I am not familiar with all of their terms. We had the first bpo done and they received it. We submitted the offer in September and they say that we should have a response by 11/24 do you thank they will actually keep that dead line?
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I would guess that they are using some sort of lingo for investor review. Ask the negotiator what it means, you do have a negotiator assigned?
Word of caution, don't get too optimistic, BofA can take 6 months to approve these, sometimes longer
Corine Holland said:Hello, I currently have a buyer with an offer in on a BOA short sale and they file has been in "SPO Review" for 3 weeks now and no one including the listing agent can tell me what that means. Have you ever heard of this before and if so please give me some insight as to what it means. This is my first short sale with BOA so I am not familiar with all of their terms. We had the first bpo done and they received it. We submitted the offer in September and they say that we should have a response by 11/24 do you thank they will actually keep that dead line?
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