Replies to This Discussion

Permalink Reply by Jeff Payne on August 3, 2011 at 3:33am

Josh, unfortunately you will most likely be starting over.  The file was closed and you will surely get a new negotiator who will need everything again.

Permalink Reply by Sameer Punjani on August 3, 2011 at 3:51am

This has been covered already. Heres the link..

http://shortsalesuperstars.com/group/bankofamericashortsales/forum/...

Permalink Reply by Richard Kirk on August 3, 2011 at 4:29am

Hi Josh--In my experience, there is no "penalty" from BOA. However, I have been in the same situation numerous times and everytime the process starts over and everytime for me the Value of the house went up. Naturally, these were not appreciating markets, BOA just claimed in each case that the BPO came in higher. The new negotiator simply won't care about the previous deal or amount offered. I don't think it's a "penalty", per se, but just the wacky way they do business. According to a bulletin issued last month, apparently BOA will now accept new offers (back ups) if the buyer walks and you should not have to start the process all over---as long as the initial deal is still active on Equator. I haven't experienced this yet myself, so if this is the case, good luck---and keep us posted if you're able to slide this one in place of the previous one. I think if you can, the $175000 should still be good. good luck
rich

Permalink Reply by joe beauchamp on August 3, 2011 at 5:48am

I have not seen the soft denial work for this situation yet.  BOA is like the worst army in the world so far as crazy rules and operations go.  Even if they make a mistake, the correction means backing up to some point in Equator and restarting there - can take days to weeks to months for a simple correction.  So, anything you do that changes anything at BOA creates a delay.  That is the BOA way.

 

What this soft denial should do is go through the arms length issues and possibly credit background of the buyer - I haven't checked that out, so cannot say what all they do.  Logically, the best thing to do with a new offer is to tell the closing officer who should do the soft denial and ask you to complete their tasks.  New sales agreement, new pre-app.

 

However, I would suggest that you include their now standard addendum.  If possible, get them the buyer's home address and 1st 5 of SSN.  This is really the only thing that BOA should be looking at before saying OK, but it is BOA.

 

Then, the only problem is getting them to issue an approval which has not already expired, the numbers add up and they match your HUD-1 or are something you can live with.  I lost a buyer while trying to get BOA to simply correct their bad approval from the end of March until the beginning of July - yes, seriously.  1st time, the sales price was right, the cost of the close was right but the total was an old number - didn't add up.  The next time, the approval expired the day before it was issued.  The next time, some new negotiator came in and cut some cruicial expenses.  Of course telling them that your buyer has had it and given you until next friday means nothing to BOA.  Months later they issued the useless approval.  Not minutes, hours or a day -- MONTHS.  Can the army be that bad?  I wonder..