Replies to This Discussion

Permalink Reply by Nicole Borsey on February 12, 2010 at 1:38am

There is really nothing you can do (you don't have authorization to talk to BOA on the owners behalf- i'm assuming...)

...When you say "foreclosed" do you mean the Lis Pendens was filed? Here is one thing the person negotiating the short sale can do with BOA:

As them to ESCALATE the file, because "the buyer threatened to back out" and that there will be a sale date/court hearing coming up soon (if it's true of course).

They do their short sales in a system called equator now... This has BEEN GREAT...... MUCH FASTER.

Good luck....

Permalink Reply by Brian Garff on February 12, 2010 at 2:26am

I'm afraid all I can do is commiserate with you on this. I just heard back from BofA on an offer that was submitted in July as well. It is backed by Fannie Mae (yes, a perfect storm of ineptitude) and they said, "Denied." After 7 months sitting on one offer we didn't even get a counter. It was a pretty good offer, right at where I thought BPO value would come in. With all new BofA deals I am requiring that buyers get pre-qualified through BofA home loans. Then, when we get a negotiator, I'll have the Loan Officer do what he can to push the process.

I believe BofA is all about passing the buck. Files sit for months at a time with no action, and some of their employees lie about the status of the file to cover themselves. As for Fannie, denying a file like that only says to me that they'd rather keep the asset on the books with whatever inflated value they have assigned to it, so they don't have to admit to Uncle Sam that they need $60 billion more just to make it through the year.

Even if you are paying cash, find a good BofA loan officer, get qualified, and have him go to work.

Good luck.

Permalink Reply by Jeff Brown on February 12, 2010 at 6:43am

I'm not exactly sure of the story! We can't get an accurate answer.

Nicole Borsey said:

There is really nothing you can do (you don't have authorization to talk to BOA on the owners behalf- i'm assuming...)

...When you say "foreclosed" do you mean the Lis Pendens was filed? Here is one thing the person negotiating the short sale can do with BOA:

As them to ESCALATE the file, because "the buyer threatened to back out" and that there will be a sale date/court hearing coming up soon (if it's true of course).

They do their short sales in a system called equator now... This has BEEN GREAT...... MUCH FASTER.

Good luck....

Permalink Reply by Jeff Brown on February 12, 2010 at 6:43am

Thanks Brian!

Brian Garff said:

I'm afraid all I can do is commiserate with you on this. I just heard back from BofA on an offer that was submitted in July as well. It is backed by Fannie Mae (yes, a perfect storm of ineptitude) and they said, "Denied." After 7 months sitting on one offer we didn't even get a counter. It was a pretty good offer, right at where I thought BPO value would come in. With all new BofA deals I am requiring that buyers get pre-qualified through BofA home loans. Then, when we get a negotiator, I'll have the Loan Officer do what he can to push the process.

I believe BofA is all about passing the buck. Files sit for months at a time with no action, and some of their employees lie about the status of the file to cover themselves. As for Fannie, denying a file like that only says to me that they'd rather keep the asset on the books with whatever inflated value they have assigned to it, so they don't have to admit to Uncle Sam that they need $60 billion more just to make it through the year.

Even if you are paying cash, find a good BofA loan officer, get qualified, and have him go to work.

Good luck.

Permalink Reply by Jeff Brown on February 12, 2010 at 4:14pm

Brian...any suggestions on a superstar loan officer at BOA? I'll post a new topic as well.

Brian Garff said:

I'm afraid all I can do is commiserate with you on this. I just heard back from BofA on an offer that was submitted in July as well. It is backed by Fannie Mae (yes, a perfect storm of ineptitude) and they said, "Denied." After 7 months sitting on one offer we didn't even get a counter. It was a pretty good offer, right at where I thought BPO value would come in. With all new BofA deals I am requiring that buyers get pre-qualified through BofA home loans. Then, when we get a negotiator, I'll have the Loan Officer do what he can to push the process.

I believe BofA is all about passing the buck. Files sit for months at a time with no action, and some of their employees lie about the status of the file to cover themselves. As for Fannie, denying a file like that only says to me that they'd rather keep the asset on the books with whatever inflated value they have assigned to it, so they don't have to admit to Uncle Sam that they need $60 billion more just to make it through the year.

Even if you are paying cash, find a good BofA loan officer, get qualified, and have him go to work.

Good luck.

Permalink Reply by Nicole Borsey on February 13, 2010 at 3:57am

see if the seller will allow your attorney 3rd party approval to help facilitate things...

Jeff Kivett said:

I'm not exactly sure of the story! We can't get an accurate answer.

Nicole Borsey said:

There is really nothing you can do (you don't have authorization to talk to BOA on the owners behalf- i'm assuming...)

...When you say "foreclosed" do you mean the Lis Pendens was filed? Here is one thing the person negotiating the short sale can do with BOA:

As them to ESCALATE the file, because "the buyer threatened to back out" and that there will be a sale date/court hearing coming up soon (if it's true of course).

They do their short sales in a system called equator now... This has BEEN GREAT...... MUCH FASTER.

Good luck....

Permalink Reply by Nicole Borsey on February 13, 2010 at 3:58am

where are you located?



Jeff Kivett said:

Brian...any suggestions on a superstar loan officer at BOA? I'll post a new topic as well.

Brian Garff said:

I'm afraid all I can do is commiserate with you on this. I just heard back from BofA on an offer that was submitted in July as well. It is backed by Fannie Mae (yes, a perfect storm of ineptitude) and they said, "Denied." After 7 months sitting on one offer we didn't even get a counter. It was a pretty good offer, right at where I thought BPO value would come in. With all new BofA deals I am requiring that buyers get pre-qualified through BofA home loans. Then, when we get a negotiator, I'll have the Loan Officer do what he can to push the process.

I believe BofA is all about passing the buck. Files sit for months at a time with no action, and some of their employees lie about the status of the file to cover themselves. As for Fannie, denying a file like that only says to me that they'd rather keep the asset on the books with whatever inflated value they have assigned to it, so they don't have to admit to Uncle Sam that they need $60 billion more just to make it through the year.

Even if you are paying cash, find a good BofA loan officer, get qualified, and have him go to work.

Good luck.