After almost 120 days, my buyer walked, a week later we got the bank approval letter. When I called the R/E agent and notified her, she said the buyer's had already done their inspections on the new house and didn't trust the bank would really close the deal and kept her clients going forward with the new sale. Yikes! When I notified BofA they immediately closed the file and I am now told we have to start ALL over and it will take a minimum of 45 to 90 days... just to lose another buyer due to bank time delays.
Has anyone heard of the BofA ever excelerating the file "since they already have everything" except a new buyer's name... same offer price and get the deal done a little more timely?
Anyone willing to pick a day and not call the banks, just to get their attention that there are many people looking for employment, so we really don't care about their "overload" excuses. Most buyer's can go out there and buy an "active" listing and close in 30 to 45 days. Do the bank really think we understand their timelines. Ok, I feel better.
Where is National Association of Realtors on this?
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No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too...
Kelly, while unable to spend time checking in for about a week, it appeared to me upon returning, although they have "deadlines", it seemed that my not calling every couple of days meant that they just sit. I don't think I have that long time to complete the process which you mention unless there is a reason. Unfortunately, way too often it is an unresponsive negotiator, but that is made clear as I get those escalations going.
Already approved? Yes, that ticks me off - I have one with an approval that was not even 2 months old and when I asked how is it that they think the property for this new buyer is now worth 10% more than less than 2 months ago and now require the seller to kick in money, I get a "things change" type of non-answer. Absurd and frustrating - idiots.
Kelly Timm said:No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too...
You are right Joe. I email EVERYONE every other day and also call customer service daily if I have a non responsive negotiator. I tell all of my clients that it is luck of the draw to get a good responsive negotiator. I have a few that I work with in the escalation department but I really use them as a last resort. There is one in particular who has "rescued" some of my lost in space short sales but in order to issue approval, he tends to require more $$ be brought in at close. Its all so frustrating. Why the hell does BofA have to know the first 5 of the BUYERS ss number??? Im hoping some day they pull their heads out. Good luck to you!!
joe beauchamp said:Kelly, while unable to spend time checking in for about a week, it appeared to me upon returning, although they have "deadlines", it seemed that my not calling every couple of days meant that they just sit. I don't think I have that long time to complete the process which you mention unless there is a reason. Unfortunately, way too often it is an unresponsive negotiator, but that is made clear as I get those escalations going.
Already approved? Yes, that ticks me off - I have one with an approval that was not even 2 months old and when I asked how is it that they think the property for this new buyer is now worth 10% more than less than 2 months ago and now require the seller to kick in money, I get a "things change" type of non-answer. Absurd and frustrating - idiots.
Kelly Timm said:No, they do make you start over. I am a negotiator and have about 15 files in Equator. They are one of the few banks that are buyer specific. I dont really get it either. The thing that you do have going is a BPO if it isnt too old and that may cut down a little time. They seem to be getting a little better but thats not saying much. I have one Ive been working on for 1 year. Prior to Equator, they kept losing things. After 7 months, the buyer walked DUH! I received approval. I resubmitted another offer within a week that was MORE THAN THE APPROVED OFFER and its now been 4 months because it was being reviewed for HAFA even though it doesnt qualify and is a NOO. They are so inefficient and really dont care if we wait for months on their sorry asses just to lose a buyer. Wouldnt it be better to get deals out and approved rather than starting over? UGH!! I guess I needed to vent too...
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