If you could ask Bank of America one question, what would it be?
Good morning superstars, hope you are having a great week!
I want to pose a question to you. Let's keep this high level and focus on a solution. Lately there are alot of posts about Bank of America. Alot of talk about issues with Bank of America short sales.
If you could ask them one question, in one sentence, what would it be?
Please nothing derogatory and nothing about a specific property. A general question about their short sale process.
What I want to do is see what question comes up the most and then I will forward that question to someone at Bank of America who I know listens and who I know is a solutions based person to see what his thoughts are.
My question:
Why is there such a restrictive policy on switching to a new buyer after the first buyer falls out?
Anyone care to send me their question?
Replies to This Discussion
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Permalink Reply by Lynn Doss on
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Correct, on the date of the foreclosure sale, the same is pulled. There is a real estate agent involved and the agent refused to submit the offer.
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Permalink Reply by Jeff Payne on
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The agent refuses to submit the offer to the seller? Or the seller wont accept the offer? Still confused :( Looks like the seller has no intention of doing a short sale and is staying in the home for as long as possible.
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The agent says that the Owner has to submit, which I know to not be the case and the Borrower says the agent has to submit. Both the Borrower and the Agent are real estate professionals. The house is vacant and declining as to condition daily. I think the Borrower is trying to get a third party qualified to buy at a short sale price and then lease purchase back from that individual, but can not be sure until it happens. Bank of America could get a large portion of its outstanding loan repaid if it merely knew that there was someone willing to pay cash for the house. If it ever actually was foreclosed, my folks are ready to buy. I am trying to find a means of submitting a back up offer for cash or at least letting Bank of America know that there is a ready, willing and able Buyer and the current owner is jsut stalling, although I do not know why as he is not residing in the house.
Any words of wisdom?
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Yes, Until you have a signed and accepted contract between the buyer and the seller, you have nothing.
So back to questions:
Did the seller accept the offer? Did the seller sign the purchase agreement? If the seller is a real estate professional, yes they can submit the package to Bank of America. Again, the seller appears to understand the system very well and it looks like they plan to stay in the home until they are escorted out.
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Permalink Reply by Bryant Tutas on
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Overall I love BoA short sales. Unless it is a government loan. Their FHA department is not up to snuff.
What is BofA working on that will improve the response times for the government loan department?
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Permalink Reply by Lisa Woolverton on
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I agree! My BofA file was moving along great until it got to the BofA FHA dept. The negotiator honestly has tried to wreck my transaction at every turn. Since I hadn't done an FHA SS before, I trusted every piece of bad advice she gave me. The last straw was she told me I could ask for work orders for a roof and had me submit bids and put it on the HUD. I asked if she was SURE about that, and I said the buyers were willing to just subtract the bid amount from our offer and submit it that way, and she refused to let me do it. Then she wrote back and said FHA rejected the HUD because of the work order, and instead of telling me to revise the HUD, she told me to go "find another buyer for the property" in the remaining 20 days I had left on the ATP. I CC her supervisor (great guy) on everything, and he is my point of contact when I call. Luckily I worked around her and the only thing left is the HUD review before closing. I'm worried sick she will try to find a way to throw a wrench into that process and try to prevent us from closing. PS-Bryant, great webinar on Thurs. with Jennifer Allen! Lots of good info.
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Permalink Reply by Pam Graham on
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That's is what I wanted to know! :)
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How much do the charge the investor per day to work a short sale on the behalf of the investor? As Long as it takes B of A to process a SS and their Rejection because of HUD corrections and the weeks it takes for the response, Short Sales have to be a profit center them.
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Featured article for the newsletter today
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Permalink Reply by Greg Flanagan on
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Why?
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Permalink Reply by Phil Levy on
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How does BofA report Deed's in Lieu of Foreclosure to the credit reporting agencies?
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I've handled 100s of shortsales with BOA - 2 questions: they continuiously cut RE commissions to 5% on the majority of transactions. What can they do to change this non-negotiable policy? Don't they understand that there could be as many as 4 agents (referral agents and/or 3rd party processor) and a couple of brokers involved in a single transaction? Their excuse is always that it is the investor - I don't believe it..... David
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