You have GOT to be kidding me- what BofA wants from short sale buyers now

So according to my negotiator at Service Link, BofA has a brand new guideline: All short sale buyers must provide proof of funds for Earnest Money & Down Payment at the time we submit the offer. (in Oregon EM is not deposited until we have ss approval).

 

I am beginning to think short sales will soon be a thing of the past..between Fannie Mae's absurdly bloated valuations and BofA roadblocks get me some Xanax.  UGH

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Permalink Reply by Bryant Tutas on February 11, 2013 at 8:17am

Keep it civil guys. Sometimes a discussion reaches and end when everything is said. Changing peoples minds rarely happens.

So.....don't make me........

Permalink Reply by Joan Psarros, CDPE, CRS, SFR on February 11, 2013 at 8:30am

I think this is a good idea.  Spending the hours on the phone trying to get the approval and then finding out the buyer already bought another property is really hard to handle.  I was at a board meeting and a couple of buyer's agents were talking about how they have their buyers put in at least 15 offers on 15 different properties.  When they get an approval then then go in and decide if the buyer wants to buy that one.  If the buyer does then they just cancel out the other 14.  They also told me that sometimes they forget to cancel out the other offers as it isn't important as it is all contingent on bank approval and if they hear something from another agent then they just put in the cancellation letter.  It is a not big deal issue.

Permalink Reply by ElizabethWeintraub00697006LyonRE on February 11, 2013 at 2:11pm

I would not submit an offer without POF for the EMD and DP. Maybe that's just how we do it in California, though. Excuse me, are you kissing a fish?

Permalink Reply by Wendy Martin on February 18, 2013 at 9:14am

Yes Elizabeth, I am kissing a tuna. This photo helps negotiators remember me, best tool ever.  :)

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