Replies to This Discussion

Permalink Reply by Kent Dills on March 22, 2010 at 9:52am

Mitchell, It's not too late to negotiate ANYTHING out. It's only after you get the Approval Letter that you are able to see if it includes the language like you found about the transfer and deficiency. I've absolutely heard of someone negotiating out the no transfers withing 30 day condition. In fact, it was a title company attorney who called/emailed and told the negotiator that that language makes the property "uninsurable" as far as title insurance. B of A lifted the language. No experience getting the deficiency language lifted but all I can say it give it a try! Good luck!

Permalink Reply by G. Mitchell on March 22, 2010 at 10:45am

thanks Kent!

Kent Dills said:

Mitchell, It's not too late to negotiate ANYTHING out. It's only after you get the Approval Letter that you are able to see if it includes the language like you found about the transfer and deficiency. I've absolutely heard of someone negotiating out the no transfers withing 30 day condition. In fact, it was a title company attorney who called/emailed and told the negotiator that that language makes the property "uninsurable" as far as title insurance. B of A lifted the language. No experience getting the deficiency language lifted but all I can say it give it a try! Good luck!

Permalink Reply by william laplante on March 22, 2010 at 12:38pm

hello , mitchell
i have been trying to buy a short sale home for almost 7 months. BofA have been nothing but a pain in the butt. i put in a bid. then thay counter bid. i said yes to there counter offer. that was 4 months ago. is there anything that you know that may help my seller to speed this along. i sure would appreciate some help thank you.
Bill

Permalink Reply by G. Mitchell on March 22, 2010 at 2:09pm

Bill,
I would escalate your issue to the office of Chairman & CEO. If you call 704-386-5687 they will assign somebody from the executive office to help. Its been my experience that once they get involved things happen quickly.
Good luck!
-Mitch

william laplante said:

hello , mitchell
i have been trying to buy a short sale home for almost 7 months. BofA have been nothing but a pain in the butt. i put in a bid. then thay counter bid. i said yes to there counter offer. that was 4 months ago. is there anything that you know that may help my seller to speed this along. i sure would appreciate some help thank you.
Bill

Permalink Reply by Susan Neal on March 22, 2010 at 3:15pm

Mitchell, The reason many banks resist approving a back-to-back escrow is that the first buyer is usually selling at a higher price than they paid. If the property is worth more to another buyer at the time that the bank is considering the short sale, then the bank feels that the second buyer's offer should have been submitted as a back-up to give the bank a chance to choose it instead. Otherwise, the first seller has a bigger deficiency to pay than they would with the higher offer and the bank and its investors get a larger loss than they would with the second buyer. It's pretty dicey in some circumstances, as it could be perceived as a breach of a listing agent's duty to the first seller and a breach of the requirement to deal fairly with the bank to engage in this type of deal. I don't know anything about your circumstances, but those are the reasons that the bank is usually resistant to the double deal. If you can plead the circumstances of your deal as something different, you can try to get them to back off that requirement. Let us know how it goes.

Permalink Reply by Claudine Ellis on March 23, 2010 at 4:01pm

I got my deficiency language taken out. If you are in a deficiency state, they can still try to go after you, but the letter holds weight. They do a form letter for everyone. I called, screamed and yelled and they removed theGood language and sent me a new letter without the wording. It can be done. You can also negotiate the tranfer stuff. Send them the back to back documentation. Again, this is not a "nice" guy game. You have got to make noise to the highest of the high before you get results. They listen if you complain to OCC/BBB and anyone who will listen. YOu must write letters daily by email and call constantly and you WILL get results. I got my results in 2 days. Approval, deficiency language removed, and foreclosure STOPPED! Good luck.

Permalink Reply by G. Mitchell on March 24, 2010 at 12:20am

Thanks for your encouragement Claudine, that's great news! It would be helpful if I could show your updated letter to B of A since they've told me that they've never heard of such a thing... Can you send me a copy of that letter? Maybe just black out the name address & account number so its unidentifiable?
Greatfully,
Mitch

Claudine Ellis said:

I got my deficiency language taken out. If you are in a deficiency state, they can still try to go after you, but the letter holds weight. They do a form letter for everyone. I called, screamed and yelled and they removed theGood language and sent me a new letter without the wording. It can be done. You can also negotiate the tranfer stuff. Send them the back to back documentation. Again, this is not a "nice" guy game. You have got to make noise to the highest of the high before you get results. They listen if you complain to OCC/BBB and anyone who will listen. YOu must write letters daily by email and call constantly and you WILL get results. I got my results in 2 days. Approval, deficiency language removed, and foreclosure STOPPED! Good luck.

Permalink Reply by Dawn Jones on November 2, 2011 at 2:51am

Were you successful with getting the 30 day clause removed?

Permalink Reply by G. Mitchell on November 2, 2011 at 7:24am

No Dawn wasn't able.