I wanted to share my experiance with a B of A short sale. We put a full price offer on a home at the end of April.  It was an approved short sale at $180,000. We offered $184,000, with $4000 to go towards closing. 14 days later we received a counter offer. They accepted everything but the HOA fees. We said "great send it back approved". Before our agent sent the counter back she noticed there was no buyer credit. She contacted the Listing Agent and she stated that she forgot (yes FORGOT!) to add that to the offer. So we countered with the original offer and waited for B of A.  About 5 days later we received B of As counter, they would give us $3500 in closing cost. We said "we'll take it!"

 

Then it was the waiting game for the approval letter. In the mean time we were worried about our funding. We were getting a USDA loan and they had run out of funds. So we were watching congress to see if we had money for our loan. 

 

June 1st we get our approval letter. The closing date is 6/18. Soooo we have 18 days to get apprisal done, get the loan through Chase and worse through USDA (which had just started doing loans again).  We asked the listing agent to get an extenion, knowing that USDA could really slow us down.  Things start to line up, our apprisal comes back at $184,000, good news. Then on  6/8 we get our loan back from Chase , on 6/9 it goes to USDA for approval.  On monday 6/14 our LO calls USDA who says the approval won't be done until wednesday 6/16.  Still no extention from B of A. This is when the problems start.

 

B of A requires the final HUD 72 hours before closing. We don't get our final HUD until 6/16, 48 hours before closing. And the listing agent never got the extention!  Then ofcourse we get a call (on the way to our final walk through, before signing papers) that the #'s on the first HUD were wrong, they would have to resubmit the HUD! I couldn't believe it. I gave all hope of closing by 6/18. 

 

The listing agent says she will call B of A and talk to someone about closing. She spends 2 hours on the phone, then gives up and says everyone is gone, she will try again tomorrow (which is 6/18, closing day).  

 

I have spent many hours reading all about B of A short sales on this site. (I LOVE IT!). I came across some phone #'s of people that might help. DH was at work (he is a firefighter) and decided to call up  B of A himself. He spent 2 hours on the phone and at 5:00pm AZ time, he got ahold of Aaron (don't know last name:(

 

DH reached Aaron through the 800 # on the approval letter. Aaron was very nice and told DH that he would send LA an email.  DH then called LA. She was very excited and had already received an email from Aaron.  Then Aaron told the LA to call back in the morning and they would approve the final HUD first thing.  According to Aaron B of A has a new policy that they will wave the 72 hour final HUD time in order to close the deal in time for the tax credit.

 

So LA called back this morning (I'm not sure who she called in the closing department), and got the final HUD approved in 1 hour!!! At 4:00pm we received the keys to our new home:)

 

That means that from offer until close it took less then 2 months to buy our Bank Of America short sale. NOT BAD AT ALL:) This is just a reminder that buyers do HAVE POWER!! We can get things done, when others can't or won't. Don't give up on your short sale!!!

 

Thanks for reading, Kristi

Views: 427

Replies to This Discussion

Congradulations on your new home, that's the way to make it happen!! Thanks for the 72 hour HUD wavier information.
Congrats about your new home, I have been doing short sales for the last 2.6 years, and BOA system with equator, you have to be very careful at the time to place all fees, credits thru their system, nevertheless you need to upload the prelimininary HUD, they want to repeat all fees on a worksheet, this is a double work, because they have the preliminary HUD, but this is the way to work with BOA, anyways, if you "forget" to place any fee, you have the option to "remind\" or "clarify to the negotiator that such fee or credit is on the HuD.
and Yes you need 72 hrs before closing send the final HUd to get approval thisis a requirment from all lenders doing short sale, you can't close without this important final approval, or you may be have problems after closing that alls funds could be refund to the title Co, after closing.

Enjoy your new home!!!

Aida
Kristi,
I'm in AZ as well and hopefully will be signing papers today or tomorrow. Are you saying that you were able to get your keys one hour after close? I thought it took 3-5 days for funds to transfer and title registered before you could get keys? Is there a way around this? I was supposed to close last Thurs so I have a cleaning crew scheduled for this Thurs and hope to be in the house this weekend, if I have to wait the 3-5 days then I may not make my deadline. Any advice would be appreciated.
Hi Keli. sorry it took so long to answer your question. It took us over a week to get our wireless going. We received our keys at 4:00pm on 6/18 when it recorded. The loan was funded early that morning. I hope you have since closed on your home and received your keys:)

Keli Amparan said:
Kristi,
I'm in AZ as well and hopefully will be signing papers today or tomorrow. Are you saying that you were able to get your keys one hour after close? I thought it took 3-5 days for funds to transfer and title registered before you could get keys? Is there a way around this? I was supposed to close last Thurs so I have a cleaning crew scheduled for this Thurs and hope to be in the house this weekend, if I have to wait the 3-5 days then I may not make my deadline. Any advice would be appreciated.
I am glad you have sucess. We are trying to close by July 7th since our loan is up that day and I cant get anyone at BOA to give me any answers. They say they are still waiting for the seller to accept some choices. The seller accepted our offer a week after we put the offer in. That was Jan 7th.
Sounds like the seller needs to get their act together. Do you have an approval letter yet?

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************