FHA short sale with Countrywide/Bank of America/Clear to Close
I really thought we would be ok with no issues to close this deal before the end of the month but I have run into a snag that makes NO SENSE to anyone involved in the transaction. BOA is the servicer and that may explain everything. SO we are just waiting for the Clear to Close for the Buyer. the prelim HUD has been submitted with the only adjustments that will be needed are for taxes. We have all the seller's info. The purchase is with an FHA. So can someone please tell me why the negotiator that we have has to have a final HUD from the NEW lender and a Clear to Close? The BOA negotiator should only be concerned with the Sellers figures and not the buyer's or do I have this wrong? And the negotiator needs 5 business days and will only review the HUD on a Tursday or Thursday, is this real? or is this the negotiator. Please help.
Replies to This Discussion
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Permalink Reply by John Edelman on
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It is very common for the negotiator or the closing department at the servicer to need to review the "final" HUD1 prior to giving you the authorization to close the property. The guidelines should be in the approval letter that you received and I believe B of A asks for 72 hours.
As far as the Tuesday- Thursday thing: sounds like you have a flaky negotiator. -
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Permalink Reply by Laurie Clark on
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Yes it is very real. Just make sure their is not a foreclosure date in sight or you will have major problems. Call the REO side of BOA to check on this yourself. T'hey want all the buyers docs into the title company so they have a full disclosure. (Remember they changed the HUD's rules and regulations). It is usually 72 hours prior to closing. The buyers docs have to be there. Also I hope that they don't make you eat any changes on the HUD from the one they approved like the changes in taxes and if any HOA or anything that will make the number they expect to receive any less than the approved amount. Guess who eats this money? Why of course..... the agents. If the taxes are not prorated out far enough (even when it is their fault an updated HUD needs to be sent to keep them aware of all costs.)
The good news is, it sounds like you have a victory and ready to get this deal put to bed. I did to until they foreclosed on it 5 days later. Good luck, and I am just sharing that lesson from some hard knocks. -
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Permalink Reply by Cynthia Robbins on
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I appreciate everyone's input and your advice and war stories told me that I cannot let this situation lag so this afternoon I contacted Customer Service and an emergency closer was ordered. BOA customer service advised this should take no longer than 48 hours and we should hear from the closer to finish the transaction. I am not one that takes no for an answer very easily. I will make this happen, and yes you are right, I have already taken a $2600.00 hit on my commission. That does not make me happy camper.
Laurie Clark said:Yes it is very real. Just make sure their is not a foreclosure date in sight or you will have major problems. Call the REO side of BOA to check on this yourself. T'hey want all the buyers docs into the title company so they have a full disclosure. (Remember they changed the HUD's rules and regulations). It is usually 72 hours prior to closing. The buyers docs have to be there. Also I hope that they don't make you eat any changes on the HUD from the one they approved like the changes in taxes and if any HOA or anything that will make the number they expect to receive any less than the approved amount. Guess who eats this money? Why of course..... the agents. If the taxes are not prorated out far enough (even when it is their fault an updated HUD needs to be sent to keep them aware of all costs.)
The good news is, it sounds like you have a victory and ready to get this deal put to bed. I did to until they foreclosed on it 5 days later. Good luck, and I am just sharing that lesson from some hard knocks. -
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