Hello everyone,
I have periodically started discussions about my short sale situation. I am a buyer who submitted an offer on a BofA short sale in Dec 2009. There was an appraisal done on Feb 2010. I have my own realtor who isn't very efficient/knowledgable as she just got her liscence. I finally called the listing agent myself and found out so much information from him. He told me my offer got declined because the offer was too low according to the appraisal that was done. They did not give me the chance to counter offer OR they won't tell us what the home was appraised for! The LA is great and has done everything possible to help me in this process, he has even hired an attorney to deal with BofA and try to resolve this thing. I feel this is absolutely ridiculous! I have been waiting patiently for this, and this is what happens.
I have written down some managers phone numbers of BofA from reading these stories from other BofA buyers/realtors. I tried calling Matt Vernon directly, but they will not let me talk to him. But they did transfer me a manager who was pleasant enough to tell me that he can only talk to a listing agent, and he gave me his direct line so the LA can call him Tuesday morning. I don't want to take NO for an answer and I really want the house!
I want to be persistent and do everything I can to get this house before I give up. Are there any suggestions out there? Any advice is greatly appreciated, please. I thank you for your time, in advance.
A desperate buyer,
Linda
Tags:
Pacita has stated it well in re: to BofA and short sales......
As a listing agent and as a buyers agent we resubmitted same offers to BofA that was accepted the 2nd time around on both.
If your offer can be substantiated with comps, re submit and/or offer more if you really want the house.
Unfortunately many buyers and agents have the idea that because it is a short sale that the banks will automatically take the low ball offers and as Pacita pointed is not true...Remember the banks have a net amount that must be met based upon their BPO's and appraisals as well as investor guidelines.
Good Luck!
Linda
Guess the expectations weren't set for you regarding short sales, particularly when the bank is Bank of America.
1. You said you submitted an offer. Did the seller accept your offer, and was your offer the one sent to the Bank? Or were there other offers?
2. It will take months. 4 months to wait for an answer from the bank on whether to accept/counter/reject the offer.
3. Some banks specify looking at only the best and highest offer....whereas some banks may advise everyone to give their best and final offer. If you did not receive a counteroffer, then yours may not have been in the running to be considered
4, When the banks commission the broker's price opinion, this is not something they share with anyone -- not even with the listing agent. That information is proprietary to the lender and is what they base their approvals on. Naturally, the bank would like to recoup as much as much as possible,
5. You as the buyer cannot call the bank directly. Unless you are personally authorized by the seller, you cannot get through to anyone to ask about the progress of that short sale.
6.. You should address your inquiries to your buyer's agent. If you are not happy with your current agent, then find someone who is experienced and knowledgeable about the short sale process and who can guide you accordingly
7. There are no guarantees to short sales. So regardless of how long ago you've written an offer, there is absolutely no certainty that your offer will be accepted or that the short sale will be approved.
8. Don't pin all your hopes on one short sale. You may be disappointed.
9. If your first offer was not considered, and if you really want this house, and provided that the propetry is still available, why not submit a new offer? Knowing that your offer was too low, then you can amend your offer accordingly. Get more comps in the area to help guide you.
10. Just because it's a short sale doesn't mean the bank is going to give it away. This means your offer must be close to, or at market value.
In short sales, patience and persistence must come in bushels and over a long period of time....not unless the short sale bank is Wachovia. But Bank of America? Ouch!
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.