Replies to This Discussion

Permalink Reply by CJ Wright on May 21, 2010 at 2:41am

Why does the seller's agent think BOA may be selling the loan to someone else?

If the seller left POA to their agent, that POA needs to be cleared by BOA (or who ever purchases). POA's for short sale sellers can be problematic....

Permalink Reply by Gunna Voigt on May 21, 2010 at 1:44pm

That doesn't make much sense to me. When ther is already a negotiator in place that is working with a counter offer from you, why would BofA want to sell the loan? Does the seller's agent know what's going on or is just assuming things? Do you have an agent who is protecting your interest?

Permalink Reply by HouseWanted123 on May 21, 2010 at 5:24pm

Thanks for your postings. I am not certain but it sounds like the sellers agent is assuming that reason BOA is taking so long to come to a decision is because they are trying to sell the loan to an investor. I am a "ready to move" buyer with no contingent other than inspection and already pre-approved. Would like to know what your suggestions are. Should I continue to wait and if so how long should I give at this stage of negotiation.

Permalink Reply by Laurie Clark on May 21, 2010 at 6:48pm

You don't want my opinion. I am like Forest Gump right now when it comes to having any more short sale dealings with BOA. I have had 2 nightmare files with them. Ten months and closed, now a approved SS foreclosed and working to get it rescinded. Going on 11 months with this file. Mind you I have worked as a short sale expert since middle of 2006 and have closed every one I have done with other lenders, many with first and seconds. Run Forest run.....
I am tainted so please just evaluate the situation and see what you can do to get the answers you need. Putting some pressure on the POA to get the negotiator to give answers is what needs to be done because none of us can answer what you need answered. Talk to the agent about your concerns and have them share with you any they may have. You can work as a team to try to get some questions answered like, where is my approval letter so I can close. :)

Permalink Reply by Phil M on May 22, 2010 at 10:41am

May not be related to this directly but....How do you know the BPO value? Does BOA tell you the BPO value? thx

Permalink Reply by Melissa Polce on May 25, 2010 at 1:48am

In normal BofA style, they require 91-95% of market value not the normal 85+ like other banks, that agent has to get back into Equator or call-in, after negotiations, it should not be moved back to hold...that is not a good thing, but yes...they are probably having a hard time getting an investor to accept

Permalink Reply by Phil M on May 25, 2010 at 6:53am

Thanks. Does BoA tell you what the BPO number was?

Melissa Polce said:

In normal BofA style, they require 91-95% of market value not the normal 85+ like other banks, that agent has to get back into Equator or call-in, after negotiations, it should not be moved back to hold...that is not a good thing, but yes...they are probably having a hard time getting an investor to accept

Permalink Reply by HouseWanted123 on May 25, 2010 at 2:50pm

Thanks, Melissa, that was very helpful. Once the negotiation starts, what is usually the status on equator? Is there anything a buyer can do to get a real update other than what the sellers agent is saying? Some of which could be sugar coated so the buyer does not get discouraged and move on!

Melissa Polce said:

In normal BofA style, they require 91-95% of market value not the normal 85+ like other banks, that agent has to get back into Equator or call-in, after negotiations, it should not be moved back to hold...that is not a good thing, but yes...they are probably having a hard time getting an investor to accept