Short Sale on Investment property TURNED Homestead
OK..so..I have an attorney/friend that called me this morning to ask a question about a BOA short sale a client of his is involved in (the seller). (There is one agent involved in the listing/selling)
This attorney has been involved in several short sales with me as the agent & BOA-so he is picking my brain, which is fried right now!
The property he is trying to do the short sale on is his client's homestead, now. Originally it was an investment property/rental, but because he lost his primary residence he began living in this property and in Wisconsin by law, it is his homestead.
BOA has turned down the short sale because the agent had it in the offer that there would be $3000 going to the seller for moving expenses.
BOA told her that it doesn't qualify for that $3000 because it's "Coded" as investment and therefore no go. (3 days prior to closing) BOA said there is no way to change that even if it is his homestead now.
My attorney/friend is now asking who he can talk to in order to get BOA to understand that this is his homestead. I gave him a contact that I had at BOA, but thought I'd pose this question here as well to see if any of you have any ideas?!
THANKS!!!
Julie :)
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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You need to get to the investor. BofA has dumbed down the negotiator task into cubicles of paper pushing with no authority to think. The BPO is gold because they payed someone $25 for it, do not question it, etc. You are in a sea of bureacracy, not thought or logic. With luck, you have an investor who isn't spending all of its effort to suck more fed bailout money fromj its now investor, the taxpayer, and it is someone who cares about the investment or the public or the homeowner. Try getting traction with them - if you get somewhere, they can tell BofA to do it their way. BofA people are told to follow guidelines and not think. (There are good reasons for that, but it is way past where it should be.) So, put you energy in getting BofA's boss to step in.
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Permalink Reply by Julie Alibrando on
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Thanks Joe!
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Permalink Reply by Jeff Payne on
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What is the issue? Seller getting $3000 or the short sale not being approved? If you have an approval and it does not allow the seller $3000, what is the issue, close the dang thing and tell the seller too bad, you don't qualify for the $3000 but YOU DO qualify for a short sale and it is approved and ready to close. $3000 is very small in the grand scheme of things, especially if the seller has not been making payments (assuming they are not).
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Jeff,
I'm with you on this, but BOA is now saying they won't even consider the short sale!
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Permalink Reply by Shel-lee Davis on
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Best way to deal with dead ends at B of A is to tweet the HelpDesk. They are highly responsive and always know the right person to connect you with.
Shel-lee
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Thanks Shel-lee!
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Let me know if they actually solve the problem for you and how long it took. I am keeping a "non-scientific" survey on this. My experience with them has been 100% positive so far.
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Permalink Reply by TOP END Properties on
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My feeling is that if it was originally purchased as an investment property .. that's what it might have to be.. whether or not they moved in at some point. How do they know hes not saying he lives there to get $3000? ... Also, BOA will usually counter the offer by removing the $3000 from the HUD form .. my guess is that the counter was refused by the borrower? .. In my opinion the lender has good reason to treat the loan as an investment property, so I would move on in such a manor. The focus should be Waiver of Deficiency.
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