I have a BOA Short Sale on a vacant piece of land that I have been working on myself.
The owners owed money to the HOA and our in house short sale specialist that I would normaly have working on this was told by her attorney boss that unless the sellers sign a waver and pay the HOA fees she had to stop what she was doing with the file. The attorney also handle the HOA and does the leins for them.

So of course I'm not going to let a good offer go South. I submitted and completted the sale myself.
The vacant 1/2 acre piece of land was originaly purchased for $165,000. The mortgage amount was $130,000.
I had several offers at $30,000 which is what they have been selling for lately. The BOA negotiator said they wanted to see an offer in the $40's.

One weekend I get the call I have intrest excited buyers and I put it under contract for $45,000. Of course explain the short sale process to them and like everyone they're fine with it.

My buyers where getting antsie after 2 1/2 months. By this time BOA had actually ordered an appraisal. Of course I sent all the comps possible and kept on them on what a great offer this is and that there hasn't been a sale at that price in 2 years.
By the way the appraisal came in at $32,500.

I had called BOA every week and of course you can't get through the gate keeper. So every week I made the person I spoke to send an IM to the BOA negotiator with my cash buyer needs an answer before they walk.
Last Friday 11/13/ I called and told them I just recieved an email that my buyer had sent and they are walking.
I really did get an email from the buyer saying they where considering another option. I then did some research to see what else was available and honestly this location they had an offer on was one of the best locations for they're needs. I wrote the buyer a long email asking if they really wanted to start the process all over again?
I got the short sale approval that afternoon and called the buyers to let them know WE HAVE APPROVAL! They where happy and are ready to close next week.

Yes they (BOA negotiators) ask for papers that you've faxed 2,or 3 x's just put a smile on and resend. Kill them with Kindness. Don't be affraid to call them once or twice a week for an update.
Even if they say they have nothing in they're note make the check that all the papers a there.

They don't need 10 days like they say for it to get into the system. Usually they have it in less then 24 hours.
Do call to confirm it was recieved (don't wait the 10 days to confirm).

Try to get a IM or email through to the negotiator as often as possible this way you know they have had to touch or think about that file.

Take notes lots of them. Just be persisent in a nice way.
Always Thank them for all there help and info.

This is the 3rd BOA Short Sale Approval I've got in 3 weeks it works.
Good Luck!

Views: 47

Comment

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Comment by Bryant Tutas on November 18, 2009 at 1:40am
Well done Anita!! Dealing with BofA requires tenacity and perseverance. Way to hang in there and get the job done. That's what we get paid to do.

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************