Comment

Comment by Rosemary Brooks on July 23, 2011 at 12:34pm

Bank of America attended an event that was sponsored by Central Valley Realtist Association (a local chapter of NAREB) and the presentation was awesome!  They covered the new Short Sale improvements: 1). "Soft" close when buyer walks (meaning you can roll a back up offer on Equator without having to start over.  2).  New escalation process --with the contact person for the Northern CA short sales. 3) just the new attitude of BofA to help homeowners either save their home or short sale.  They confused, they did make some/several/alot and terrible mistakes in the past and are moving forward with improvements that are coming from the real estate agents.  We let them know that we support them as long as we see the "improvements" WORKING.  This is a great forum to let us know if the new processes are working.

 

There is a process that must be followed in order to escalate or they will not review the request.  Basically it is:  Do your task as requested, submit the paperwork as requested.  If that does not work:  The magic number is 2 days:  1.  send a message via equator to the negotiator - allow 2 days if that does not work.  2.  send a message via equator to the TEAM Leader - allow 2 days, if that does not work.  3   send a message to the Negotiator's MANAGER - allow 2 days, if that does not work... 4.  send a message to the ESCALATION MANAGER.  In this case in Northern California his name is Mario Gamez.   He will review Equator and see if you have followed the instructions above and if yes, he will review ---> however, if not he will not review but will send you back to follow the instructions. 

 

Follow the link below for the NORTHERN California Escalation form. If you are not in N. CA - contact your negotiator and ask for the correct form.   I believe each manager will have MG_-_Short_Sale_Escalation_Request_Form%5B1%5D.docxtheir own escalation form to use.  This one is for NORTHERN CALIFORNIA.

Comment by Carol Muir on July 22, 2011 at 7:56am

Very difficult to specify the closing date. A better idea is to specify the number of days after Lender approval. For example ' to close within 30 days of Lender Approval' If not you will always be doing an addendum. I have rearly seen the per diem rate invoked, unless their is constant delay on the mortgage end in terms of getting financed. Hope you can resolve.

Comment by T. Joseph on July 22, 2011 at 4:11am

Our agent specified the closing date, we are unfamiliar with short sales and relied on our agent.  I inquired about an extension to our realtor and I was told that it wasn't required. I've gotten concerned since then as I have been told by other short sale buyers that the bank will be able to charge us a per diem rate if we miss closing (which looks probable).

 

@M. Hayley - we are getting a good price BUT we only placed an offer because we had been advised that BoA short sales were now streamlined and were coming back approved within 2 weeks - 30 days.  If we had any idea that the process would take this long we would not have offered.  We have missed several properties that would have suited us better since but we want(ed) to honor our contract and purchase the home we offered on. 

 

Thank you all for your advice.  We will discuss this as a family and make a decision.  Our agent has told us that the process generally speeds up once the short sale addendum has been signed and the BPO has been ordered.

Comment by Carol Muir on July 22, 2011 at 3:59am

And they are both correct. The short sale process requires patience, however you can be proactive and follow up with your Realtor.

Comment by Michael Hayley on July 22, 2011 at 3:51am

T. Joseph: Presumably you are getting a good price for buying a short sale. Otherwise you would buy a property that has clear title and can close on your schedule. The tradeoff on a short sale is that the closing date is completely up to the lender. You will have no idea when your final closing date will be. It is a mistake to require a specific closing date; it'll only drive you nuts. I agree with Valerie's comments and would add, you must either make contingency plans for a delayed closing date or withdraw when your contract expires.

Comment by Valerie Pressley on July 22, 2011 at 3:21am

You as the buyer really have no input in the process.  The bank won't speak to anyone who doesn't have third party authorization.  The listing agent should prepare an addendum to extend your settlement date.  Many have tried before you to plead the case and explain, threaten, cajole, but it doesn't have any effect.  You'll have to rely on the listing agent.  Press them for status updates, which will prompt them to call the bank if they are moving fast enough.

Comment by T. Joseph on July 22, 2011 at 3:17am

I am a buyer and we are currently in contract on a BoA short sale.  My realtor requested a closing date/final contingency date of 07/30/11 (60 days) but we have not received 3rd party approval as yet (BPO was just ordered). -- Do we need to request any type of extension for the closing date and/or receiving the 3rd party approval?

 

Also, is there any way that I can help to push my purchase forward?  I am will to call whomever will speak with me to see if I can help expedite this process.  I have contacted BoA previously (after they missed their own timelines per Equator although my realtor told me that no one could do anything but wait and there was no one to call) and told them point blank that there are TWO family's lives being held up by their inaction - ours and the sellers.  Less than a week after my call we received the BoA short sale addendum and 1 week after that our realtor told us the BPO was ordered.  I have still be hesitant to contact anyone else in case that would be considered bad form.

Comment by Sue Fitzhugh on July 22, 2011 at 2:41am

@

Michael Thanks for the info.  I agree with you and think it would hurt to ask the question but the listing agent hired a lawyer to be the interface with BoA and this is what he said: "Based upon my 4 years of experience negotiating with many lenders, it is my belief that not only would the lender deny any requested relief, more importantly, coming in at this point in the process it may well cause them to decline the file and we would have to start the admin process (60 days or more) all over again. "   The listing agent agrees with the lawyer so I guess the sellers will have to come up with the money for the termites and we'll have to take care of the rest.

Comment by Michael Schneider on July 21, 2011 at 6:30am

@Sue  I think your chances are good. In one such SS deal, termites was an exception to the "as in "rule, resolved by lowering the price, with two qualified estimates.

Comment by Lillie Handy Dominguez on July 21, 2011 at 6:22am

Great Job on the 2nd liens with B of A....Many negotiators are awesome when it comes to the wire timeframe.

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