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Permalink Reply by Craig Baranowski on November 25, 2009 at 10:07am

Just spoke to a competent negotiator and she verbally approved the new price. We need to get her an updated HUD and addendum and she will send new closing docs out today. Scrambling to the the updated HUD and addendum.

She also approved another short sale where we rejected the promissory note. She said it had been in the system as approved since August. She is sending out closing docs. We had been hammering this file for months with no action. It is amazing when you get a competent person on the phone. Magic happens!

Permalink Reply by Bryant Tutas on November 25, 2009 at 11:18am

Craig, I recently had this happen on a Chase short sale. They reduced the price and we moved forward to closing. No biggie.

Permalink Reply by Bryant Tutas on November 25, 2009 at 11:19am

Hold on to that new connection. She sounds awesome!!

Permalink Reply by Lynn Pineda on November 25, 2009 at 3:43pm

Craig, talk about a change of events. Sounds like this really turned out well for you. You're right it really does make a difference if you have someone going to bat for you and they care about trying to make things happen. Too many negotiators are lazy and could care less and they wouldn't consider going out of their way to help and it is so refreshing to find someone, like your negotiator, who really wants to help. Nice to hear.

I'm working on a similar such situation with Chase and I too have a fabulous negotiator who simply wanted a new HUD with the lower appraised value to get it approved. How can they fight a lower appraised value?

Craig Baranowski said:

Just spoke to a competent negotiator and she verbally approved the new price. We need to get her an updated HUD and addendum and she will send new closing docs out today. Scrambling to the the updated HUD and addendum.

She also approved another short sale where we rejected the promissory note. She said it had been in the system as approved since August. She is sending out closing docs. We had been hammering this file for months with no action. It is amazing when you get a competent person on the phone. Magic happens!

Permalink Reply by Ismael Jusino on November 30, 2009 at 6:34am

Hey Craig, If must feel good knowing that you have a competent person on the other line. Keep the relationship going.

Permalink Reply by Craig Baranowski on November 30, 2009 at 7:29am

What is even more amazing is she solved another mystery for us in regards to switching to a new buyer. We had some where we could sneak in a new buyer and get approval right away and others where we had to start over. Our last one we had closing docs and the buyer walked and the negotiator told us they would take care of it and get the new closing docs for the new buyer. 2 weeks later it was re-assigned and we basically started over. The old negotiator had no idea what happened as they assumed they were working the file.

The missing link to the mystery of why it works on one and not the other is pretty simple...Expired Documents.

As we all know, BPOs, financial statements and any documents in a short sale package have a limited shelf life in the Bank of America system. Typically it is 60 days. If the short sale is close to closing they will extend the expiration date of the documents and continue processing. However, if you switch buyers then the file becomes expired. Bank of America negotiators can not approve a short sale with expired documents.

So the loop hole is to update all of the files in the system to get a fresh "expiration date" on the file and then switch to the new buyer. This way the file is current and will not be closed by a Bank of America representative.

Such a simple solution.

Permalink Reply by David Dee on December 4, 2009 at 9:27pm

Craig, looks like you got a good negotiator there. Thanks for the tip on updating the file to reflect a new expiration date. Nicee!