Listing agent did not include buyer credits
Hi everyone,
I wanted some help with our BOA short sale. My husband and I made an offer on an approved short sale. List price was $180,000. Our offer was for $184,000, with $4000 to go towards our closing cost. 2 weeks after we made our offer, the bank came back that they accepted the price, but would not pay the HOA transfer (we didn't even ask for that, our agent did). We said fine, accept!
Then we get a call from our agent. She says that on the offer worksheet there is NO buyers credit! So basically the bank thinks we offered them $184,000. Our agent calls the listing agent (actually the 3erd party who handles all the crap in the short sale), and they say" don't worry I'll just put that in the counter" she says it shouldn't be a problem. Ofcourse our agent is pissed, and my husband is irrate. Our current house closes on june 8th. Our lender is ready and will close within a week. We just want to move forward.
My questions are: how long will it take BOA to get back to use? and Can we go after the listing agent for the $4000 if BOA says no deal?
Thank You
Replies to This Discussion
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Permalink Reply by Gunna Voigt on
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The best way to get a short sale approved and closed is always with a straight offer, no side credits and the likes. Before writing up your offer with your $4000 credit, your agent should have checked carefully to see if something like that will fly. Was it put on the HUD1 with this credit? The bank generally goes by the data on the HUD 1 which tell them what their net is. Make sure your agent and the listing agent work together and put all details in the HUD 1 for the counter. Otherwise, you may be out of luck!
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Permalink Reply by Bryant Tutas on
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Hi Kristi. At this point in the transaction the listing agent needs to be sure to put the $4,000 seller concession on the HUD and with the counter offer. BofA will then submit to the investor for approval.
This process could take days or it could take weeks. Hopefully it will happen quickly for you.
I doubt you can hold the listing agent responsible. -
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Permalink Reply by Kristi on
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Thank you for your replys.
The agent said she missed it and didn't put it on the HUD. It was in the orignal offer my agent sent to them. I know it's a long shot that B of A will accept it at this point. It's very hard to allow some many people to affect your life. We love this house and we don't have an additional $4000 cash to pay closing cost. I guess all we can do is wait. -
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Kristi. I wouldn't give up yet. BofA may very well come back and approved. We get closing costs approved all the time. BofA does not want to foreclose on the property. Hang in there.
Kristi said:Thank you for your replys.
The agent said she missed it and didn't put it on the HUD. It was in the orignal offer my agent sent to them. I know it's a long shot that B of A will accept it at this point. It's very hard to allow some many people to affect your life. We love this house and we don't have an additional $4000 cash to pay closing cost. I guess all we can do is wait. -
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Thanks Bryant! That really makes me feel better. I hope you are right:)
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Just an update:
Bank Of America came back today. They said they would pay $3500 towards closing. We are very excited! Thank you Bryant for your advice. -
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Congratulations, Kristi!
Kristi said:Just an update:
Bank Of America came back today. They said they would pay $3500 towards closing. We are very excited! Thank you Bryant for your advice. -
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