Why so many Negotiators?!?!
I am still new to the BofA Short Sale process .. so bear with me.
Here is the history: I am a buyer that has a contract down on a short sale property. The property has had previous offers that have gone through the circus known as BofA .... and the end result has always been that BofA would not accept anything under 140k for the home. I am working with the listing agent and placed my offer for 144k with BofA paying 4k in closing costs. Information was submitted through the Equator tool on 7/21/2010 and things were moving really quickly. We found out on 8/13 that the bank had countered our offer (accepted my offer price but rejected closing costs, reducing listing agent's commission, and something about the title insurance or letter). My agent resubmitted our offer "as is" on 8/13 and spoke with the a new Negotiator on 8/17 regarding the offer and was told our offer was in their range. Now, I am finding out that yet another negotiator has been assigned to my case.
Why so many negotiators? Does this mean anything regarding the probability of getting an approval ... or is it just BofA shifting work around and wasting time? Any tips that can be offered to get the ball rolling again would be appreciated. I know I have been fortunate so far to have things move as quick as they have ..... but enough of the new negotiators.
Replies to This Discussion
-
Permalink Reply by Bryant Tutas on
-
Porthos. It is quite common to have several negotiators through out the process. Usually you get a new negotiator every time the file reached a different stage in the process. I wouldn't be concerned about this. Also, be aware that offers, counter offers and acceptances through the equator are just BofA getting the file ready to go to the investor who has the final say so. Just because your offer is accepted in Equator does not mean the investor will accept it and issue the written approval. Until yo receive the actual written approval the transaction is still in negotiations. I truly hope this all works out for you.
-
-
Permalink Reply by Wendy Smith on
-
To try to use logic and deal with Bank of America is pretty much like an oxymoron.
I personally think the use of so many negotiators is just another way for BAC to stall the short sale process thereby increasing the reveue (late charges, fees, etc) from each and every loan. The money made from the stream of revenue must be staggering. -
-
Permalink Reply by joe beauchamp on
-
A good reason for different negotiators is traditional, as they reach different stages, different talents take over the file.
However, people who sold Equator to BofA explained that any idiot can now do a short sale because the system tells them what to do when. Well, BofA appears to want to work out that theory completely by, in many many cases, hiring any idiot and calling them a negotiator. They have "negotiators" who wander the night hitting "DENIED" who have no email address, no phone number, are not associated with the file in any way - just a name. It appears that BofA feels that ANYONE can take over a file at any time because it is so well documented and handled in Equator. Of course it would be a good idea if these negotiators would take 30 seconds to read that documentation before they do something really stupid. BofA hasn't taken that part into consideration..
So, in equator, you have levels of negotiator - actually it seems to come down to negotiator and closing officer as the 2 levels, and you have roaming bands of DENY button hitters. File A needs xyz because equator says so, the next person wandering by will hit the button to move it from xyz to abc and walk away - that was a "negotiator" so far as equator is concerned. You have your real levels of negotiators and you have "interchangeable" button pushers called negotiators in equator. That is why so many... would you like DENIES with that? Can I SUPERSIZE it? Yep, we be educatabled peoples here.. -
-
Permalink Reply by Joe Barnwell on
-
Perfectly normal.... Sounds like things are moving along fairly well.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons