Buyer looking for advice on BOA contacts after very long wait
In December 2012 we signed a 120 day contract on a short sale house. The seller has the loan with BOA. He was also using an attorney to negotiate the whole thing for him. He had a listing agent and we have a buyer's agent. The price was supposedly pre-approved and the agents said this would probably go through quickly.
For the first 30 days we heard that somehow the house got mixed into the seller's bankruptcy filing and the bank didn't act on the offer. But it was being straightened out and it might take 4 to 6 weeks. As it turns out, the bank did not do anything until the bankruptcy was discharged. At that point we were already 90 days into the original 120 contract.
With about 2 weeks left we were told that they needed an extension and we added an additional 120 days to the contract. By that time the bank wanted a new appraisal and BPO. After they got that a month later they wanted a new POF from us.
Finally after 5 months the seller's agent advised that the offer was accepted on Equator but the negotiator had forgotten to add in the agent's commissions. So that had to be countered and revised, and they expect written approval in a couple of weeks.
A couple of weeks go by and nothing. We are now at 6 months into the process. Offer still shows as accepted on Equator but no written approval. A couple more weeks and we hear from the attorney through the two agents that they have to revise the HUD because the RE taxes were paid.
Now we are at 7 months into the process and we hear they are "still waiting for BOA to submit the file for approval" but "loans where lenders take huge losses undergo a lot more scrutiny that others do".
I am afraid that BOA will come back and say the appraisal and BPO are again too old and want new ones. Eventually, they will come to the conclusion that the market has gone up and reject the whole thing.
So we have 30 days left on our second 120 day contract and wondering what can we do? Can we contact the bank ourselves? If so, who do we contact and how?
Replies to This Discussion
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Permalink Reply by Tara Samney on
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You can try to contact the lender all you want, but you do not have the seller's authorization (a form must be signed by the seller giving you access and placed on file). Any attempt to misrepresent yourself as having the seller's authorization is fraud. All it would do is muddy the process anyway. You have no relationship with the lender, and they are not a party to the contract- only a contingency. The loan is with the seller and the lender- not with you.
You should request that your agent ask the seller's agent to verify they have attempted all means to escalate. Yes, properties with huge losses undergo more scrutiny. Yes, a BPO could expire. The negotiator also sounds like a handful according to your history.
Only you know if you can wait longer or not. If you do not want to wait any longer and understand you may never get an approval letter- you may want to start searching.
Good luck
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Permalink Reply by Jim S. on
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Thanks for your reply. I wasn't looking for info on the seller's mortgage. Just a reply from the bank on whether they are going to give approval, make a counter-offer or just flat out say there is no.
We will wait the additional 30 days and see how it shakes out.
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Permalink Reply by ElizabethWeintraub00697006LyonRE on
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"loans where lenders take huge losses undergo a lot more scrutiny that others do".
Hahahahahahahahahahaha. Well, that's the funniest stupid excuse I've heard lately.
I don't have anything nice to say about this situation, so I am not gonna say anything. There are agents involved and I feel sorry for the principals.
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Last week we were advised that the investors rejected the file and returned it to a new, more advanced negotiator. No reason for the rejection was given. No counter-offer.
The seller's short sale attorney is trying to get more information from BOA and the negotiator. He says he has had a couple like this that were rejected for simple/stupid reasons. But he doesn't know why this was rejected.
We have extended our contract for another 30 days but are really growing weary of this.
Is it possible for the investors to outright reject to sell a property because the loss is too large, yet not foreclose on the property either?
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Permalink Reply by Reuben Dunn on
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Hello,
1st. As stated, get a signed dated letter of authorization. If however you are the buyer's agent, then you are out of luck.
I have worked at BoA for four years and have never heard that excuse about huge losses before.
If there was a problem with the Hud-1 then the process stops, and begins again once the corrected documents have been resubmitted.
Why not contact the sellers agent to see about the new BPO's? Generally, if they are under 90 days old you should not have any problem. However, when in doubt..... -
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