Replies to This Discussion

Permalink Reply by Michelle L Houze PLLC on May 2, 2012 at 6:33am

Myron....many times it isnt the agents fault.  I cannot tell you how many times I have sent and resent items to B of A and they will still say that they  havent received them.  AND sometimes you get a nicer negotiator than others.  IF this is s decent negotiator, they will fast-track it but "fast" means different things to  different people.  I have been fortunate enough in the past to have negotiators who really did get it done within a couple of weeks. Do you know what negotiation company he is dealing with?  Generally, B of A outsources to one of 3 or 4 negotiation companies to handle their files and so many times it also depends on which negotiation company has the file.  Getting the file re-accepted should not be a problem and since all the valuations have been done, it shouldnt take too long

Permalink Reply by Lori Young on May 2, 2012 at 6:39am

Depends.  Is a soft decline or hard decline?  Last week BOA declined my approval two days prior to closing.  I complained to the CEO's office and was given the run around (they don't know what to say about the computer closing the file).  I finally had to reopen the file and upload the exact same documents.  Once this is complete you will have to have your listing agent call in and ask them to fast track the file to match the file closed in error.  I really don't think two weeks is reasonable depends on how much you bug them about the file.  Good luck and stick with it.  It is not the fault of your agent it is just a poor system that closed out files. 

Permalink Reply by Jim Schneider on May 2, 2012 at 7:01am

Given that Bank of America just posted new Letter of Authorization, 3rd Party Acknowlegement, and Buyer Acknowlegement forms, I would bet it was one of those three. You may want to have your agent go to the Bank of America resource center and send those over to the listing agent.

 

As you might expect, the Buyer Acknowlegement will need your signature, it basically states you aren't affiliated with Bank of America in some way.

Permalink Reply by Myron Odum on May 2, 2012 at 7:36am

Michelle, Lori and Jim,

Thanks a million for your insightful comments.  It seems like the short sales process is a mess and you just have to weather the storm as long as you can. I do not know who is the negotiating company? I guess I have to get the listing agent to get that information.

Is the BOA resouce center on the BOA site or is it on the Equator site?

Thanks,

Myron

Permalink Reply by Cathy Baumbusch on May 3, 2012 at 10:35am

The buyer's agent is the selling agent- do you mean the listing agent?

This happens all the time. I have had a short sale open for two weeks, couldn't submit any documents because no tasks were assigned and then have the file be closed because I didn't complete tasks to upload documents.

I have uploaded the same documents as many as 3 times.

They are only required to contact you in 48 hours so it takes 3-4 days to get an answer.

They swore up and down that if the file was already open that they would not require the new documents. But that turned out not to be true either.

Permalink Reply by Ellen Levy on May 6, 2012 at 1:43am

Kinda nice to know we are all swimming around in the same BOA soup together.  I am having a similar problem.  I hope the particular house (which has a foot of water in the basement, structural problems, and mold growing everywhere rapidly because of the stinking water) is still standing when BOA can get around to approving the short sale.  If BOA does ot approve it soon and the buyer walks, I intend to get a District of Columbia housing inspector in there ASAP.  The inspector will probably order it demolished.  BOA can kiss $300,000 goodbye. I will try to get the negotiator reported to BOA superiors also.  I have tried to make very clear, with photos etc., that this house is truly distressed.  BOA just doesn't get it.

Permalink Reply by Mario Litano on May 8, 2012 at 9:54am

The short sale we are trying to buy was removed and re-added to the system late April. They asked for every document again and assured us we are in the "fast track". I was 4 months in and was very close to an approval. The first lien had been approved on March we were just waiting for the 2nd (both liens were BoA). I has a feeling this update would reset our wait time, I even warned the listing agent to get everything ready and called BoA to make sure this was not going to make us wait longer. Ofcourse they all said I was passed that point and it would not affect us. Very frustrating, I am really skeptical about this new 20-30 day for approval they are now claiming -Buyer