I am supposed to close escrow on Tues 6/1.  The LA asked for an extension two and a half weeks ago, but got no reply from the negotiator.  After multiple emails and voicemails the LA found out that the negotiator is out of the office for training.  The person handling his files is also out of the office for training.  Who's running the office and working these files?  We'd also requested a reduction in sale price to reflect the VA appraisal.  Today we received an email from the closing negotiator basically stating that we were supposed to close Monday (a holiday??) and they cannot change the sales price.  I thought the deal was dead but decided to give it one last try and email every person I had an email for at BoA, here is my letter...

 

I am the buyer of a short sale home.  I originally made the offer last August.  I have waited patiently for a response from Bank of America and finally had an approved contract in April with a COE date of 6/1.  I am fully approved for my loan, everything is in order and through underwriting pending my tax transcripts from the IRS.  As you may know you cannot rush the IRS, but I was informed that they would be completed within the next week or two. 

The listing agent on this property has repeatedly tried to contact our negotiator, James XXXXX, to no avail.  He requested an extension to 6/15 over two weeks ago to allow for the tax transcripts, but has had no response from James.  Two days ago we received a message from XXXX (closing officer) with closing information and then today a message from XXXX(closing agent) stating 'Your HUD has already been approved.  You were supposed to close Monday.  We cannot change the sales price.'

This is in response to a request to adjust the sales price from $385K to VA appraised value of $375K.  These are the only responses we've received, neither deal with the request for an extension.

 

I know you are all busy people, and this may seem like a trivial matter to you, but it is not to me.  I have gone to great personal expense to make sure this sale goes through, even paying an exterminator $1200 to kill a beehive on the property.  I would hate to believe that Bank of America has become such a big entity that they've forgotten that customer service and their good name are what will help maintain their place as one of the largest (if not the largest) banks in America.  I have been a loyal customer since 1975 and have maintained that loyalty even while Real Estate agents were telling me to stay away from Bank of America short sales.  I know you are working hard to rebuild your image as a bank that Americans can depend on to come to for home loans.  Please help in any way possible to see that this short sale home does not become one of the many unsellable foreclosures blighting our neighborhoods in Arizona.

 

 

Within 10 minutes I had responses from both of the closing agents stating they would not only look into the matter, possibly reducing the purchase price to reflect the appraised value, and also will extend COE if more time is needed to look into this.  I cannot believe how quickly and efficiently they responded and am hopeful this deal will finally be completed soon.  Now I just have to work on getting the IRS to finish my tax transcripts....

 

Thank you all for your support.  It's not over yet, and I'll keep you updated on what happens.  It's nice to know that when you contact the right people that things can possibly get done.

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Replies to This Discussion

Great job. Now get the lisitng agent the appraisal to give them so they can correct the HUD. Your lender wonkt loan over the value of the home. Keep it up.
Hi Keli,

Who did you email your letter to? I think I will need to do this as my next step. Our approval deadline expires on Tuesday and we were suppose to close on May 28th. =/

Thanks,
We are new to this process and it is so nice to have somewhere to go to read what is happening to others. What exactly do you mean IRS tax transcripts. This has been weighing on us.
I emailed the letter to the closing agents listed on the emails sent to the LA. I think they are the closing negotiators, they're the ones that have sent the final messages lately for closing escrow. I think I'm also going to send one to the negotiator if I haven't heard anything from anyone on Tues.

Tax transcripts are requested by the lender at COE. They are requested through the IRS and they verify your stated income. The UW's are no longer just using W-2's as income verification. The bad part about this, and a little known fact, is that the IRS does not process tax transcripts for people who owe on their returns or people who are self-employed until after 4/15. Then they process all those due a return first. I underpaid my 2009 taxes by about $1000. It doesn't matter if I pay in full, it's still processed the same as far as I believe. So if you are like me, and scheduled to close within 8 weeks of tax day, you are pretty much out of luck. And that's if the IRS processes your returns quickly. My best advice to anyone wanting to buy next year between Jan and June, make sure you don't owe taxes. I wish I'd known about all of this last year, I would've just overpaid.
Hi keli,

Any other responses from BOA on your end?
BOA actually responded quickly. The LA got a response from one of the people I emailed. She said she wasn't the closing agent but that my letter really touched her and she wanted to help. She's extended the COE date 30 days (!!!) and reduced the price to meet the appraised value!!! Of course, it has to be approved by the investors, so it could take up to two weeks, but we should be good to go by that time and I don't see a problem with closing this month (as long as the IRS does what they said they'll do). I'll definitely keep you all updated!

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