Replies to This Discussion

Permalink Reply by CJ Wright on June 26, 2010 at 5:22am

Same experience here. I finally had to contact the investor to get movement (that after no results from the office of the Pres, calling Rosie in some specialized short sale problem dept - never did get a response from her). I had responses on all files within hours of contacting the investor.

Permalink Reply by Susan Neal on June 26, 2010 at 11:17am

Anna - So sorry you are having this experience. I have had two short sales with B of A aiming to close by 6/30. One was being handled by the Plano, Texas office and my negotiator said that over the last few weeks many of them have worked 7 day weeks and long hours, trying to get caught up so they could meet the deadline for buyers. We recorded on 6/24.

The other sale was with the Brea, CA office, and they have been less communicative from the beginning and I never got the feeling they were trying as hard to meet the 6/30 close date. The buyer finally walked as the deadline approached and decided to buy an equity sale instead of a short sale.

So it might depend on which office is handling yours. If all else fails, call the main number and ask for your file to be escalated if you haven't already, They can do that even if they aren't in the same office.

Permalink Reply by Roger waldersen on August 1, 2010 at 7:39am

I need help badly. We've been trying to by a BAC shortsale condo in Baltimore for a year. I have a signed contract from the owner but we can't get anywhere with BAC. The weeks fly by while BAC delays. I thought we were getting somewhere when they assigned a BAC Negotiator based in Simi Valley CA. Multiple voice mail messages to the Negotiator have gone unanswered.
The condo has been appraised three times since Feb 2010. I had one appraisal done and BAC appraised it twice. The appraised value from my appraisal was $275,000. In April we offered $265,000. Last week BAC finally responded on Equator and posted an asking price of $350,000 for the condo. We made a counter offer of $267,000. On Friday that offer was rejected because: " Decline - Insufficient Physical Offer".
Is it possible to talk to someone at BAC and try to convince them to put a market value on the condo? As I mentioned it's impossible to talk to the BAC Negotiator.
My other question is what would happen if we agreed to the $350,000 price. When the property is appraised for the mortgage it will appraise for ~$275,000. Would BAC then lower the price because no one could get a mortgage for the $350,000 sale price?

Thank for you comments
Roger