I need help for a strategy to get another extension by tomorrow
After a whole year we finally got approval and they gave us 4 days to close escrow. We got them to extend the sale date 1 month and a new letter with 19 days to close escrow. The approval letter expires tomorrow. The buyer's lender (also BofA) MIGHT have loan docs ready tomorrow, but might not. They have had trouble getting the condo complex project approved. The closer has already said NO to an extension when I asked a few days ago. Some Superstars have said to get escrow to call when we have docs BUT what if we don't get docs until the last minute or even later? What happens if the letter just expires--should I keep trying to get an extension and keep owkring on the short sale until the actual sale date (Dec. 2)? Should I tell the closer today about our troubles? Should I start escalating now without docs in escrow? The buyer's lender says he only needs about 4 days extra so technically we could close the day before the sale date. FYI--it's a Fannie Mae loan and the BPO is good until 12/9.
I need help ASAP!
Replies to This Discussion
-
Permalink Reply by Jeff Payne on
-
Ask them to escalate directly to Fannie Mae first. Also, have the loan officer working on the buyers loan escalate the file within BofA. Tell the closer NOW
-
-
Permalink Reply by Shari P on
-
The buyer's loan rep at BofA is trying his best but his hands are tied with their "process."
I will email my closer right now to tell her about our problems and exactly where we are in the process--thanks! -
-
Permalink Reply by joe beauchamp on
-
As useless as I have found the Office of the President at BOA, this might be a case where they would actually do something (others here swear that they do good - I have personally confirmed with individual reps that they can't deal with Equator, can't handle the problems that I bring to them - seem like a P.R. group).
Here you have BOA throwing out a file because BOA can't buy it fast enough for your buyer. Shouldn't that be a tad bit of egg on the face of the BOA prez? Hence, maybe you can get some top level action here.
Also, that talk with the closer - I have found most of them to be top people - some, OK, not very good. If you have a nimrod, well, nothing there. However, the majority seem to be above team leads and negotiators in caring and brain cells. I would think a little chat about, "Uh, let me see, you won't stop the sheriff sale because YOUR BOA department is taking their time setting up the loan for this buyer..?? YOU need to talk to YOUR department and one of you has to accept that you are in the same company and need to fix this one way or the other - the loan now or a postponement, right? Am I supposed to get between 2 BOA departments to get your sale done??" A thinking closer will catch that point right away - yep, someone at BOA should fix this.. -
-
Permalink Reply by Dawn Jones on
-
Have you asked them about paying a daily per diem?
-
-
-
Shari - I almost forgot!!! Since you mentioned this is BofA - CALL THE CLOSING DEPT. AT 1-866-880-1232. THEIR JOB IS TO CLOSE DEALS!!! THEY CAN GRANT AN EXTENSION IF YOU ARE WILLING (THE BUYER IS WILLING) TO PAY THE DAILY PER DIEM - IN MOST CASES.
-
-
-
I had already told them we would pay per diem and the closer wrote--"Request for another extension is denied they will need to close before the investor approval expired of the file will need to be cancelled."
Also, the 866-880-1232 number is kind of a joke--they can never do anything--they just say call or email the closer.
I'll give the closer a few hours to respond and then try to hit the executives at BofA. -
-
-
Shari, get the loan officer from BofA to also send this up to management. I had a similar issue with FNMA not extending one day for a closing, the BofA LO got it done fairly quickly and easily.
Shari Posey said:I had already told them we would pay per diem and the closer wrote--"Request for another extension is denied they will need to close before the investor approval expired of the file will need to be cancelled."
Also, the 866-880-1232 number is kind of a joke--they can never do anything--they just say call or email the closer.
I'll give the closer a few hours to respond and then try to hit the executives at BofA. -
-
-
Nope - do not wait - you have your answer - closer ain't budgin'. Don't count on management too much at BOA - I'm pretty sure that they rose through the ranks by learning how to hide from responsibility. I have NEVER had a response from any at manager or above in equator (maybe one where the manager and team lead were the same person). You're just asking to watch this flush by waiting.
Also, the best control you have is that 1232 number. They DO escalate even w/o you asking. I find them far better than the office of prez P.R. phone answers, far better than FNMA deadheads, much better than either HAFA group, WF, Chase and other bank reps - by quite a bit.
You CAN escalate there, too. Don't you -- uh -- have like this deadline? You call, the rep says, nah, I can't help, and you say "I need to talk to the supervisor" - frequently someone just as useless to back the rep. When that goes nowhere, after asking for his name an badge number, ask to escalate. Do not get off of the phone. There is SOMEONE in that whole big company with a brain and able to talk to you NOW. You hang up, well, there it goes... sure, someone will call you ... maybe next week?
What about the other side of it? These idiots are about to lose a $$$loan!! Why haven't you called them and told them to get off their butts? Why aren't THEY calling....uh.... BOA .. about this extension problem? Doesn't BOA want to make money on a good loan? Don't they have SOME incentive for a real honest to goodness money making loan for a change? I'd hope so.
Get names, get ID's - that makes them think twice before saying something stupid that will screw over the home owner (some legal ramifications here for them) and lose money to the investor
Shari Posey said:I had already told them we would pay per diem and the closer wrote--"Request for another extension is denied they will need to close before the investor approval expired of the file will need to be cancelled."
Also, the 866-880-1232 number is kind of a joke--they can never do anything--they just say call or email the closer.
I'll give the closer a few hours to respond and then try to hit the executives at BofA. -
-
-
As for the buyer's BofA rep. he just doesn't have pull. Actually, I personally know one of the top 10 sales reps in all the U.S. at BofA and he gets stuck in their quagmire also.
I'll keep trying on the 866-880-1232 number... -
-
-
Sorry, I am calling BS on the buyers lender. they just don't like to rock the boat. If they are not willing to help, I can assure you that I would NEVER, EVER send another buyer their way. I have done this, I parked my self at the BofA loan officers office and watched them escalate the file
Funny that I met with a higher up short sale department manager with BofA and the very thing she said was that they will look at appraisals and escalations when BofA is also doing the financing.
Shari Posey said:As for the buyer's BofA rep. he just doesn't have pull. Actually, I personally know one of the top 10 sales reps in all the U.S. at BofA and he gets stuck in their quagmire also.
I'll keep trying on the 866-880-1232 number... -
-
-
For every 100 nice but non-effective reps you get on the 866-line, I just LUCKED OUT and get a great one just now. She told me just how to escalate and submit a new HUD and she escalated on her end. The difference in extending the sale date is only $158.12 less on the net and agents & buyer are willing to pay this.
I'll keep on it this afternoon. -
-
-
Persistance pays off!! Good job
Shari Posey said:For every 100 nice but non-effective reps you get on the 866-line, I just LUCKED OUT and get a great one just now. She told me just how to escalate and submit a new HUD and she escalated on her end. The difference in extending the sale date is only $158.12 less on the net and agents & buyer are willing to pay this.
I'll keep on it this afternoon. -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons