Let me thank everyone in advance for the wealth of information that is provided on this site, and in particular, any light you might be able to shed on our situation.

My wife and I have an offer in on a short sale home here in California. The offer was accepted and subsequently submitted last October to BofA. Our home sold at the same time, and we moved into  a rental with our 1 and 2 year old toddlers. At the time, everyone involved in the transaction assured us it would take, at most, 3 months. The second on the home was approved within a few weeks and then the only hold up was BofA. At the same time, we had all but finalized our new loan through BofA as well. It has been many months now and information is slowly trickling in, but with very little insight as to what is happening and what the timeline is or might be.

We most recently heard that there was an "issue" with the appraisal. I just talked to our buying agent and they explained to us (for the first time) that it's possible that the bank may counter-offer our offer based on the appraisal.

If this happens, is it possible that BofA would be dumb enough to counter-offer an amount with one hand that they would not cover on the purchase loan with the other? In other words, has anyone seen this happen where the conservative new loan appraisal doesn't equate to the higher short sale appraisal from the same bank?

Right now our loan specialist says he can not contact anyone within the short sale department even though they are in the SAME bank. how is this possible?

Lastly, no one wants to see this purchase go through more than myself. Is there anything i can do, as the buyer, to move the process along or at least find out where we stand as it goes? It would seem to me that BofA wouldn't want us to walk away and purchase a different home but then again, none of this has made sense. thanks for any suggestions in advance.

Views: 31

Replies to This Discussion

Get a short sale attorney involved. And you are assuming that the different departments actually talk to each other! Rest assured no one in the short sale dept has any clue about a new purchase on your part!
You are involved in a typical Bank of America short sale, the first red flag is any saying that it will take 3 months when BofA is involved.
Yes, it is possible that they will counter offer something different than what you offered, their value is based on an appraisal or BPO that is different than the one that you have. Remember that the short sale department does not check with the loan origination or loan underwriting departments.
Your loan specialist is wrong, he/she can easily talk to their supervisor to escalate your file, we do this all the time with lenders and it works. Tell your loan specialist to call me if they have any questions.
Jeff Payne
Hehe, yeah, I guess logical business assumptions are out the window at this point.

Jerri Schick said:
Get a short sale attorney involved. And you are assuming that the different departments actually talk to each other! Rest assured no one in the short sale dept has any clue about a new purchase on your part!
I don't know how far apart your offer is from what the BPO came in at, but BOA does have a range in which it will accept an offer. I would need more information on this to see how far apart you are. Unfortunately, as far as the time frame goes, short Sales with BOA usually take longer than 3 months (there are exceptions, but they are rare).
I apologize, that was wrong advice. Since you are the buyer, you are dependent on the seller and their resources to get this moving. Hopefully, they know what they are doing and have the right resources in place to get it done. BOA is the worst at short sales. Have your Realtor talk to the seller's Realtor and see what they are doing.
LOL @ "short sale attorney". An experienced Realtor is FAR better than any short sale attorney based on pure knowledge. Disclaimer: Consult your attorney for any legal matters or tax advisor for tax questions. Anyway, it is VERY possible that the new loan purchase and short sale people have no idea whats going on. I would have the new loan people call on your behalf.
Cport. I agree with Jeff that you never should have been told this would happen in 3 months. BofA takes 6 months or more if you get lucky. Now they may improve with the new equator system but that is yet to be seen.

I have had two occasions where BofA was the lender on both sides of the transaction where we had appraisal issues. The new lender came in short (no pun intended) and the short sale lender cam in high. Both were BofA. In one case the short sale lender came down and in the second they did not. There is no reasoning.

I truly hope you end up with the property.

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