Short Sale Letter BOA
Please help me! I am the buyer of a short sale property in NJ. Short sale was approved, all inspections done, everything is wrapped up to close. We were just informed by our mortgage rep. that the Short Sale letter was not signed by BOA and we will not be closing until said letter is signed. There have been several calls by realtor etc. to BOA and seems as though we are getting conflicting info. Some banks don't sign this letter?! Anyway, I can't close on my home UNTIL BOA signs this letter. Anyone have advice or run into this issue? Thanks in advance!
Replies to This Discussion
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Permalink Reply by Marie Eager on
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The realtor says this is known as the "short sale letter." It states that BOA has agreed to the short sale and accepted our offer price. They stated our closing deadline is Jan. 17th. My mortgage company will not let us close until this is signed by BOA. The sellers have signed it and BOA said they are not required nor will they. BOA stated they will sign the HUD agreement and that SHOULD satisfy the mortgage rep.
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Permalink Reply by Laura Marshall on
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I have closed more than 40 short sales with B of A. I never received an approval signed by B of A and I have never had a problem with the buyers lender or title when it came to closing.
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Update: BOA has signed the short sale letter!! They stated on numerous occasions that they will NOT sign it. I was a day away from getting a mortgage through a new lender. What I have learned is that some banks (the one I was getting my mortgage through) will not give you a mortgage agreement without a signed letter....if we only knew this months ago! Anyway, BOA came through!! I do not know how or why...but at this point I really do not care. I am closing on my house next Friday!! I have a tip for realtors out there. BOA is on Twitter. http://go.bofa.com/BofAHelp I tweeted them on Wed. afternoon and someone called me three hours later. I explained my situation and they stated they will be in touch with the sellers realtor within 24 hours. We got the news that the letter had been signed Thursday! Coincidence? Anyway, just thought I would share that tip with everyone. Happy Holidays!!
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Permalink Reply by Beth Larsen on
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In a perfect world, it would be nice if the bank's rep signed the Approval Letters, but in practice it just does not happen, at least in my experience - and certainly not on any of the B of A short sales I've closed.
Even experienced short sale Attorneys who I've spoken with have admitted that while they advise clients to request that the bank sign the latter it rarely if ever happens. Perhaps you should speak with the mortgage rep's manager, or speak to other lenders.
If that does not help, consult your Realtor for referrals to mortgage lenders who they have worked with in the past on short sale transactions that have successfully closed.
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