Replies to This Discussion

Permalink Reply by Kristi Roberts on November 22, 2009 at 7:43pm

Market that property hard and find a new buyer. You will need to submit a whole new package unless you find some helpful soul at B of A. Once you notify them that your buyer has walked, they close the file and you have to start afresh. I personally aggressively market to get multiple offers to choose from, interview the agents of the best offers (for someone who is willing to stick it through) and submit the new offer. The last offer that I was told could be walked through by a supervisor in 10 minutes since the offer was the same (literally the same) ended up taking six months for approval and several negotiators. I just closed that transaction on Friday. Good luck.

Permalink Reply by Lynn Pineda on November 25, 2009 at 3:26pm

Oh Kristi, you're making me nervous. I've got a new Buyer and I'm trying to push it through. Just today BOA told me that because it had MI on it that it would take 30 days to get their approval again. Funny thing there, I just contacted Triad the MI company today and within a few hours I gained approval from them and they emailed my contact at BOA to let them know that they approved the new offer. People are just so lazy, that's what it boils down to.....not desire to excel in ones job!

Kristi Roberts said:

Market that property hard and find a new buyer. You will need to submit a whole new package unless you find some helpful soul at B of A. Once you notify them that your buyer has walked, they close the file and you have to start afresh. I personally aggressively market to get multiple offers to choose from, interview the agents of the best offers (for someone who is willing to stick it through) and submit the new offer. The last offer that I was told could be walked through by a supervisor in 10 minutes since the offer was the same (literally the same) ended up taking six months for approval and several negotiators. I just closed that transaction on Friday. Good luck.

Permalink Reply by Marcelo Da Silva on November 25, 2009 at 6:59pm

I completely agree. Don't go by what the negotiator has been advised by the MI company. I just closed one this week that initially the MI had requested $15,000 promissory note or $6,000 at closing. However if you find out who the MI company is, you can contact them directly and plead your case why your client is not in a position to do so. In this case, it was also Triad and I explained the person in charge and she released the requirement. It is an extra leg but the fact is the negotiator will only go by what MI company advise. They will never go back requesting the release. And usually MI companies will see the financial statement where indicates a 401K or some sort of retirement/savings with subtantial money that will trigger them to make such request. But if the client does not have a job or is in a hardship situation, they will release.We have to advocate in favor of our clients. Good luck!

• ‹ Previous
• 1
• 2
• Next ›
• Page