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Lynn, I would get another buyer asap at the approved price. If the BPO time period has not passed, you should be good.... Then email it to the last negotiator, you can often sneak it back into Phase II.....
I have experienced this a few times,with different results.
Best bet is to find another buyer ASAP who will offer the same price, or at least close to it, and submit that new offer, asking the lender to substitute the new buyer because the previous one walked by the time they approved the deal.
If you simply tell the lender the buyer walked and you have no offer, it's back to square #1. Trust me, the first scenario is preferable to the second.
I agree with Wendy, get a buyer pronto! Then get it back in. I just had a phase II let us sneak in a new buyer.
Lynn - Modify your listing on MLS to show that you have an approved short sale at $XX, and see if you don't get a buyer really quick, then take the new buyer to BofA. I had buyers back out on mine at the eleventh hour, and when I put that info in the MLS I got a bidding war between two new buyers almost immediately.
Don't tell them you have lost Buyer. Do some heavy marketing and get another Buyer. Tell After you have and executed offer signed by all parties, send an updated HUD, call or email the negotiator and tell them, that the Buyer is backing out due to the very long wait, but you have a Back up Buyer that is willing to continue. They will send you a song and Dance, but be persistent and you can probably get in there.
Same thing happened to me. Cash buyer made an offer (over asking). Buyer withdrew after a few months because of lack of progress by B of A. Phase I negotiator never contacted me in 7 weeks time, despite my constant follow-up. B of A told me the whole process would roll back to day one for any new Offer submission.
So far, 7 offers, 2 over asking. Short sale deficiency would have been about $40K on a $510,000 house. After 10 months of work, I'm not renewing this listing. It's time for me to focus on 'paying' business and move on. I worked at the FDIC in the last recession liquidating real estate. The gov't was slow, but B of A makes the feds look like a roadrunner.
And catch this, 2 weeks ago, B of A had a company go to the property and padlock the place, shut off the water, and drain down the heating system. Seller is still living there!! There has been no foreclosure. Talk about illegal. If it were my property, I'd have my congressman involved. And this would be on the 6 o'clock news.
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