I am the listing agent on this particular short sale.  On June 17 I was advised by Bof A that we received investor approval, but we were just waiting for the MI approval.  I contacted the MI company who told me that they had just received the short sale package the day before from BofA & only take 3-5 biz days to issue approval.  3 Days ago, I received a phone call from the MI Co after I requested an escalation. The reason no approval was issued is because they have repeatedly requested docs from B of A - some of which I could provide, but others that B of A has to.  So, as time is of the essence & I don't have time to allow each person 2 biz days to respond, I sent an email to every B of A contact in Equator.  It has now been 3 business days & no response.  (this actually worked for me before).  I just resent the message. We are quickly running out of time here.  The buyer we have has been so patient & is being rewarded by having the tax credit closing deadline extended & still no end in sight.  I have stopped referring clients to the B of A rep that I always used to work with, which has ended our relationship (her choice).  That is another story, though.  Sorry, I really don't expect a miracle answer from anyone, just needed to gripe!

 

have a great 4th of July!

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Replies to This Discussion

Amy - Maybe the buyer is chilled out now that the tax credit is extending! I think your favorite rep may have once been mine :)
The buyer has been so patient. Not a complaint from her, just questions once in a while. She has the patience of a saint! I used to at one time, but it has disappeard somewhere in short sale world. If we have to ask for an extension, it will just take that much longer. It has now been 10 months since we have submitted this offer - our 2nd.

Wendy Rulnick said:
Amy - Maybe the buyer is chilled out now that the tax credit is extending! I think your favorite rep may have once been mine :)
I'm 8 months in, with 10, YES i said 10 escalations. I cannot get a straight answer. Demand to be patched through to the office of the president. This is what they did for me today. ---- but of course the line DROPPED! LOL UGGGGHHHHH! so i will try again on Tuesday. :/
Please take note. If you are asking for escalation, get an escalation # from them. Many times they say they'll escalate - and nothing happens.\

Just like when you email everyone on the Equator list - Negotiator, team lead, manager, vp, svp. Nothing, hada. Goes nowhere other than a black hole.

And all the time we are working hard to make the deals work. Bitter? Why, yes I am. Wells Fargo is improving, even Chase is "trying". B of A? Tell everyone you know to pull their money from that company because they are that awful.
Yep, I got an escalation #, no response despite numerous emails, advising them that a complaint is being filed with the better business bureau, etc. The only thing that they can do at this point is have it reassigned to another negotiator which will take 3-5 business days.
When will agents unite against BAC? I know I am on a soapbox, but it's only because they are that much more awful than anyone else out there. There really are lenders that work hard and want to make short sales work out. Even if they take a few months. Bank of America? They have their own agenda and it has nothing to do with customer service. They use Equator to give themselves a buffer. Don't bother them until everything is in place. Problem is - everything can be in place and you can have a negotiator they just hired in Mumbai - or that worked at McDonald's two weeks prior. The average span of negotiators at BAC? 4 months. Then, burnout.
You're on the right track! Hopefully now you have already recieved the approval... If not, I always recommend asking for the negotiators supervisers phones (Many times there are a few supervisers) and call til you get ahold of someone. They seem to want these files closed and many of them will intervine on your behalf.
No, still don't have the approval. I asked for the superviser, I was put on hold for 15 minutes & then told the only thing that they can do for me is assigne a new negotiator. Wouldn't give me a name or let me talk to anyone. So, I sent another message thru Equator 30 times. Maybe now they'll notice us.

Paul Kuriatnyk said:
You're on the right track! Hopefully now you have already recieved the approval... If not, I always recommend asking for the negotiators supervisers phones (Many times there are a few supervisers) and call til you get ahold of someone. They seem to want these files closed and many of them will intervine on your behalf.

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