Sale date extension with BofA
I have a short sale that I listed on 1/12/12 and I submitted an all-cash offer under the list price on 2/5/12 via Equator. The negotiator requested for additional documents and sellers' paperwork that was due on 2/21/12. The appraisal on the property was done on 2/21 as well. The trustee sale date is scheduled for 3/5/12 and the negotiator told me that it's cutting it close and she cannot guarantee that they will postpone the date and to prepare all parties for foreclosure.
I'm starting to get really worried and nervous and I don't know if there's any way I can get an answer from BofA quickly before this house goes to auction. I want to do everything in my power to postpone it... does anyone have any tips or advice?? I didn't realize the banks were so quick to foreclose... I thought that once you initiate a SS, they extend the date so that they can close the SS instead of letting the house become an REO. Please help!!
Replies to This Discussion
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Permalink Reply by Shannon Jones on
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Krissy, whether or not the bank will postpone the sale date will probably have a lot to do with who the investor is. It's odd, though, because we are also currently working on a BofA short sale that had a trustee sale date of earlier this month. When we submitted the package via equator, the negotiator told us that he couldn't even request the postponement until 2-3 days before the sale date. I was sweating it big time! We escalated the request within equator (just choose supervisors, vp, etc. when you send a request via equator to do that) and we tweeted the BofA help desk as well. I've found them to be helpful on several short sales. I also looked into a company called Real Estate Auction Angels, which purchases homes at trustee sale and then continues with the transaction on the previous terms -- same buyers and purchase price, same agents and commission. Fortunately we didn't need to utilize their services and we are told by the negotiator that we're close to getting an approval.
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