Is there anything a buyer can do to get the deal to close?
Hello all -- I'm trying to help my agent help the listing agent get this deal closed. Offer was made in September 2012, all cash. BofA sold the loan in November, and since then, nothing. I've been told that 'everything is approved' and that 'it has to go to underwriting'. This doesn't seem logical -- how can things need to go to underwriting if everything's approved? I'm ready to call and or complain to anyone who might get this going, I've asked for the servicer info and the file number (if that's the right term). I'm cynical enough to believe they're deliberately dragging is out to see if the market goes up so they can counter and ask for more money. This is in California. Any ideas? Do I call the AG's office? File a complaint with consumer affairs or the banking regulators? Thanks in advance.
Replies to This Discussion
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Permalink Reply by James ferebee jr on
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Wow this is strange stuff, first of all BAC's approval was probably only good for a certain timeframe and if it does not close then you have nothing secondly if the loan wass sold then the approval would still be good but only if you close within the timeframe that the approval was in force and since you say it was approved in November I would say you have no approval as I can't see the approval still being good as this is the end (almost of Feb 2013 and if the approval has expired the listing agent would have to start all over again with the lender / servicer who purchased the note.
Unfortunately you as the buyer can't talk to the bank without the sellers permission and the lender probably would not want to talk to you anyway being the buyer. Yes you can call your AG but first try to find out who the Agent's broker is and call him or her to see if you can get any help in that area before calling the AG or better yet your Agent would be able to do this for you as they would have the information via the MLS.
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Permalink Reply by Tara Samney on
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I'm not sure on what basis your belief is you have an approval. Do you have a short sale approval letter? If not then you don't. As you made a Sept offer the value could have changed since and even if there was a verbal on that number- it doesn't mean it cleared underwriting or is still good.The negotiator may think everything looks good- but it is not approved until after it clears underwriting and you get a letter.
You have no authorization on the loan- meaning just b/c you ask for the file number doesn't mean you are legally allowed to speak to anyone. Impersonating the seller or his/her agent is fraud. The calls are also recorded and identifying info (other than what you gave) is requested.
I don't see any consipiracy here they are dragging it out for the market to go up- likely it is bogged down by MI or a servicer change (where you start all over and your verbal is meaningless).
If the value went up- expect to pay more. I see no signs of an approved short sale here. You are right- that wouldn't be logical.
Good luck-also ask your agent to verify if your contract is even still valid.
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