So according to my negotiator at Service Link, BofA has a brand new guideline: All short sale buyers must provide proof of funds for Earnest Money & Down Payment at the time we submit the offer. (in Oregon EM is not deposited until we have ss approval).
I am beginning to think short sales will soon be a thing of the past..between Fannie Mae's absurdly bloated valuations and BofA roadblocks get me some Xanax. UGH
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I would not submit an offer without POF for the EMD and DP. Maybe that's just how we do it in California, though. Excuse me, are you kissing a fish?
Yes Elizabeth, I am kissing a tuna. This photo helps negotiators remember me, best tool ever. :)
I think this is a good idea. Spending the hours on the phone trying to get the approval and then finding out the buyer already bought another property is really hard to handle. I was at a board meeting and a couple of buyer's agents were talking about how they have their buyers put in at least 15 offers on 15 different properties. When they get an approval then then go in and decide if the buyer wants to buy that one. If the buyer does then they just cancel out the other 14. They also told me that sometimes they forget to cancel out the other offers as it isn't important as it is all contingent on bank approval and if they hear something from another agent then they just put in the cancellation letter. It is a not big deal issue.
Keep it civil guys. Sometimes a discussion reaches and end when everything is said. Changing peoples minds rarely happens.
So.....don't make me........
You guys need to get over it! The original question was about EMD and proof of ability to perform. That is certainly not unreasonable. This has morphed into personal insults and blame. The blame that Realtors have caused this by playing along with the bank's demands. I've even heard Realtors blamed for having the "bubble burst"! That's absurd, our job is to put buyer and seller together, anything else is because we care about the deal, not just our own pockets. Personally, I've reduced my commission to as low as my Broker would allow just to get a deal done! I dare say that just about every Realtor that actually works in this market has done the same. So let's get over it! I have had my email jammed with at least 50 answers. STOP ALREADY
Weve certainly morphed into a wonderful country when one person thinks theyre so importantr they need to complain to other people having a discussion when its much easier to push two buttons and not say a word to anyone else. I am constantly amazed by the pretentious.
I believe one of the comments said he asks for and submits all a buyers financials.
That is a very unwise thing to do for a variety of reasons relating to a buyers personal financial security.
If my financial security was compromised due to an error in your judgment and you were remotely liable your E&O carrier and I would become very good friends.
Im speaking from the position of a buyer. I can clearly enunciate facts not frustrations but when someone wants to insult me they can reap what they sew.
And if Pat has a problem you can do any one of a number of things but start with changing the United States Constitution to deprive me of my right to free speech.
if you dont want to accept replies and hear other viewpoints post and dont accept comments.
I also have received a bunch of emails from this thread Pat but I have a delete button on mine. I enjoy reading what everyone has to say on this subject. I understand Bill's frustration and I think that we are trying to help with that. I have seen very little insults and blame in this. Most of that has come from Bill's frustration and we are big enough to get it and not be offended by it. Even if he walks away with the same frustrations, I think he will at least understand that there are many who do care and work hard at what we do.
Blessed by the peacemaker
You got a big ..AMEN! from me Pat
I've had this request from several lenders and servicers and I've never had an issue with the buyer providing this information.
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