BofA - New Buyer
After almost 120 days, my buyer walked, a week later we got the bank approval letter. When I called the R/E agent and notified her, she said the buyer's had already done their inspections on the new house and didn't trust the bank would really close the deal and kept her clients going forward with the new sale. Yikes! When I notified BofA they immediately closed the file and I am now told we have to start ALL over and it will take a minimum of 45 to 90 days... just to lose another buyer due to bank time delays.
Has anyone heard of the BofA ever excelerating the file "since they already have everything" except a new buyer's name... same offer price and get the deal done a little more timely?
Anyone willing to pick a day and not call the banks, just to get their attention that there are many people looking for employment, so we really don't care about their "overload" excuses. Most buyer's can go out there and buy an "active" listing and close in 30 to 45 days. Do the bank really think we understand their timelines. Ok, I feel better.
Where is National Association of Realtors on this?
Replies to This Discussion
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Permalink Reply by Dawn Barrier eXp Realty Vegas on
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Karen, I feel for your! This happens all the time on short sales and having to find replacement buyers. I'm in the same boat as you on a few properties right now.
The problem now is no tax credit, more homes on market and buyers are not as ready to leap now.
If you have a buyer come in at basically the same terms it should go much faster 2nd time round thru equator. Everytime you complete a task email the neg it is done, unless you are immediately assigned another one, communicate as much as possible.
Good Luck! -
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Permalink Reply by joe beauchamp on
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A big problem with your logic, besides the fact that BofA doesn't use real world logic, is that Equator is based upon the BUYER. Many things are geared toward that. BofA cannot fix or correct or modify much of anything. Their mantra is "resubmit".
One potential positive is that because this is your 2nd buyer, if you hit a delay (what BofA considers a delay like the time it takes to cap a billowing oil pipe in the gulf..), you can ask to be "fast tracked". I haven't been able to figure out if this is just more bull from our friends at BofA or they really do speed things up, but they are supposed to.
So far, I have not found much to move BofA into action on anything - you can't even get them to deny a file quickly - seriously!
Offer price? Worth trying but I have one now where I have an approval 2 months old for $4K less than they are demanding now plus they want $1500 cash from the seller and a $10K note. Sure, point out that prices haven't gone up and certainly no 5% in 2 months and you basically get "it is what it is". No care, no interest, no concept of real world.
And, uh, welcome to the world famous **Equator Game**, brought to you by the makers of ....the housing market debacle.... ;-) -
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Permalink Reply by Kelly Timm on
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No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too...
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Kelly, while unable to spend time checking in for about a week, it appeared to me upon returning, although they have "deadlines", it seemed that my not calling every couple of days meant that they just sit. I don't think I have that long time to complete the process which you mention unless there is a reason. Unfortunately, way too often it is an unresponsive negotiator, but that is made clear as I get those escalations going.
Already approved? Yes, that ticks me off - I have one with an approval that was not even 2 months old and when I asked how is it that they think the property for this new buyer is now worth 10% more than less than 2 months ago and now require the seller to kick in money, I get a "things change" type of non-answer. Absurd and frustrating - idiots.
Kelly Timm said:No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too... -
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You are right Joe. I email EVERYONE every other day and also call customer service daily if I have a non responsive negotiator. I tell all of my clients that it is luck of the draw to get a good responsive negotiator. I have a few that I work with in the escalation department but I really use them as a last resort. There is one in particular who has "rescued" some of my lost in space short sales but in order to issue approval, he tends to require more $$ be brought in at close. Its all so frustrating. Why the hell does BofA have to know the first 5 of the BUYERS ss number??? Im hoping some day they pull their heads out. Good luck to you!!
joe beauchamp said:Kelly, while unable to spend time checking in for about a week, it appeared to me upon returning, although they have "deadlines", it seemed that my not calling every couple of days meant that they just sit. I don't think I have that long time to complete the process which you mention unless there is a reason. Unfortunately, way too often it is an unresponsive negotiator, but that is made clear as I get those escalations going.
Already approved? Yes, that ticks me off - I have one with an approval that was not even 2 months old and when I asked how is it that they think the property for this new buyer is now worth 10% more than less than 2 months ago and now require the seller to kick in money, I get a "things change" type of non-answer. Absurd and frustrating - idiots.
Kelly Timm said:No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too... -
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Kelly, I give them 000-00 for the SSN and whatever I used last for Birthday (usually 2/14/2009 - seems like valentines day is a nice B-day - although, I suppose, you could put in yesterday's date since BofA assumes everyone was born yesterday...) and I usually have something like 800-555-1212 for the phone number. They have never questioned me or come back to complain about these.
They use the SSN to look for fraud (is the buyer related to the seller, etc.). Typical of pinhead banks, they lose trillions on dragging things out and lousy judgment (can you accuse their activities of being "judgment"?) and focus on fraud and anyone else getting a dime to save what, a couple million? Yep, typical bank-think. Watch the pennies while the dollars fly out the window...
Kelly Timm said:You are right Joe. I email EVERYONE every other day and also call customer service daily if I have a non responsive negotiator. I tell all of my clients that it is luck of the draw to get a good responsive negotiator. I have a few that I work with in the escalation department but I really use them as a last resort. There is one in particular who has "rescued" some of my lost in space short sales but in order to issue approval, he tends to require more $$ be brought in at close. Its all so frustrating. Why the hell does BofA have to know the first 5 of the BUYERS ss number??? Im hoping some day they pull their heads out. Good luck to you!!
joe beauchamp said:Kelly, while unable to spend time checking in for about a week, it appeared to me upon returning, although they have "deadlines", it seemed that my not calling every couple of days meant that they just sit. I don't think I have that long time to complete the process which you mention unless there is a reason. Unfortunately, way too often it is an unresponsive negotiator, but that is made clear as I get those escalations going.
Already approved? Yes, that ticks me off - I have one with an approval that was not even 2 months old and when I asked how is it that they think the property for this new buyer is now worth 10% more than less than 2 months ago and now require the seller to kick in money, I get a "things change" type of non-answer. Absurd and frustrating - idiots.
Kelly Timm said:No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too... -
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