Replies to This Discussion

Permalink Reply by Wendy Rulnick on November 2, 2009 at 1:10pm

Lynn, I would get another buyer asap at the approved price. If the BPO time period has not passed, you should be good.... Then email it to the last negotiator, you can often sneak it back into Phase II.....

Permalink Reply by Bob Wienk on November 2, 2009 at 1:11pm

I have experienced this a few times,with different results.

Best bet is to find another buyer ASAP who will offer the same price, or at least close to it, and submit that new offer, asking the lender to substitute the new buyer because the previous one walked by the time they approved the deal.

If you simply tell the lender the buyer walked and you have no offer, it's back to square #1. Trust me, the first scenario is preferable to the second.

Permalink Reply by Lynn Pineda on November 2, 2009 at 1:18pm

Wendy, that's what I was thinking I'd try. I'm going to get me a new Buyer! I think that they try to routinely discourage it but if you get them the same or better offer, that they'd have to want to go forward with it, even though their emails indicate if there are any changes it goest back to Phase I.

Wendy Rulnick said:

Lynn, I would get another buyer asap at the approved price. If the BPO time period has not passed, you should be good.... Then email it to the last negotiator, you can often sneak it back into Phase II.....

Permalink Reply by Lynn Pineda on November 2, 2009 at 1:19pm

Thanks Bob...yes, your way makes the most sense.

Bob Wienk said:

I have experienced this a few times,with different results.

Best bet is to find another buyer ASAP who will offer the same price, or at least close to it, and submit that new offer, asking the lender to substitute the new buyer because the previous one walked by the time they approved the deal.

If you simply tell the lender the buyer walked and you have no offer, it's back to square #1. Trust me, the first scenario is preferable to the second.

Permalink Reply by Katerina Gasset on November 2, 2009 at 2:06pm

I agree with Wendy, get a buyer pronto! Then get it back in. I just had a phase II let us sneak in a new buyer.

Permalink Reply by Susan Neal on November 2, 2009 at 2:23pm

Lynn - Modify your listing on MLS to show that you have an approved short sale at $XX, and see if you don't get a buyer really quick, then take the new buyer to BofA. I had buyers back out on mine at the eleventh hour, and when I put that info in the MLS I got a bidding war between two new buyers almost immediately.

Permalink Reply by Lynn Pineda on November 2, 2009 at 2:28pm

Katerina, I'm so glad to hear from so many that "sneaking" it back in will work! It only makes sense.

CoachKaterina said:

I agree with Wendy, get a buyer pronto! Then get it back in. I just had a phase II let us sneak in a new buyer.

Permalink Reply by Lynn Pineda on November 2, 2009 at 2:30pm

Thanks Susan. Yes, I've done that today and I'm hoping for a quick bite. I've had this situation with other Short Sales yet I was concerned with BOA as I've heard such negative feedback in regards to them and replacing Buyers. But you've given me hope!

Susan Neal said:

Lynn - Modify your listing on MLS to show that you have an approved short sale at $XX, and see if you don't get a buyer really quick, then take the new buyer to BofA. I had buyers back out on mine at the eleventh hour, and when I put that info in the MLS I got a bidding war between two new buyers almost immediately.

Permalink Reply by Laura Forty-Garcia on November 2, 2009 at 2:32pm

Don't tell them you have lost Buyer. Do some heavy marketing and get another Buyer. Tell After you have and executed offer signed by all parties, send an updated HUD, call or email the negotiator and tell them, that the Buyer is backing out due to the very long wait, but you have a Back up Buyer that is willing to continue. They will send you a song and Dance, but be persistent and you can probably get in there.

Permalink Reply by Lynn Pineda on November 2, 2009 at 3:26pm

Laura, oh, you're right about the song and dance.....I hear it now! But I"m going you're route, that's for sure.

Laura Forty-Garcia said:

Don't tell them you have lost Buyer. Do some heavy marketing and get another Buyer. Tell After you have and executed offer signed by all parties, send an updated HUD, call or email the negotiator and tell them, that the Buyer is backing out due to the very long wait, but you have a Back up Buyer that is willing to continue. They will send you a song and Dance, but be persistent and you can probably get in there.

Permalink Reply by Darlene Krause on November 3, 2009 at 5:02am

Find a new buyer, but be prepared to move to the beginning of the line.

Permalink Reply by Lynn Pineda on November 18, 2009 at 12:56pm

Mary, I just do not understand their actions as they are lacking in any type of common sense. I'm so tired of the numerous BOA short sales and their constant hurdles that we as Agents must jump over.

Mary Lewis said:

Same thing happened to me. Cash buyer made an offer (over asking). Buyer withdrew after a few months because of lack of progress by B of A. Phase I negotiator never contacted me in 7 weeks time, despite my constant follow-up. B of A told me the whole process would roll back to day one for any new Offer submission.
So far, 7 offers, 2 over asking. Short sale deficiency would have been about $40K on a $510,000 house. After 10 months of work, I'm not renewing this listing. It's time for me to focus on 'paying' business and move on. I worked at the FDIC in the last recession liquidating real estate. The gov't was slow, but B of A makes the feds look like a roadrunner.
And catch this, 2 weeks ago, B of A had a company go to the property and padlock the place, shut off the water, and drain down the heating system. Seller is still living there!! There has been no foreclosure. Talk about illegal. If it were my property, I'd have my congressman involved. And this would be on the 6 o'clock news.

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