Looking for people with bad short sale experience for news storya
I am working on a story for a national news organization about short sales, and the nightmares that people are having to deal with despite the recent regulations the government passed to expedite the process.
I am looking for stories from both buyers and sellers who've had bad experiences in short sales. If you would like to share your story, please let me know.
Thank you.
Replies to This Discussion
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Permalink Reply by Jennie Blackburn on
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I can't wait to read the article - some of these stories defy logic !! Does it have to be a Bank of America deal?
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Permalink Reply by humak on
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Nope, any bank. Do you know anyone with a horror story that you can refer to me?
Jennie Blackburn said:I can't wait to read the article - some of these stories defy logic !! Does it have to be a Bank of America deal? -
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Permalink Reply by joe beauchamp on
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Man, there aren't enough hours in the week to tell you about each one I've had since last Oct - mostly in Equator. And then there is the frustration beyond that. Some pinhead at corporate keeps coming up with ways to frustrate communcations with the agent. The latest is to not tell what task is being performed or its due date. All my files but one went to "in negotiation". The one, I just started, so it was in "data collection". We are supposed to tell the buyers and sellers and agents for the next 3 to 6 months that the file is "in negotiation". Gee, I wonder if that will make them think that BofA is doing ANYTHING during that time...?
I could tell you about the one jerked all over, thrown into Equator (as they were doing for many accounts just as the negotiator is supposed to be getting back to you), being approved after all that time, going into temporary housing until close and one of the ghosts of the night just walked by and hit "DENIED" - while that actual paper approval was past due. BofA reaction? Too bad, resubmit. 2 months later, finally at the same point.. Oh, but without buyers.
6th buyer for a property where the agent had been trying to get it short saled for 1 1/2 yrs, all that time sitting. BofA twice made the buyer bump up in price. So, now considerably over market value. Buyer waiting months to get this house. Finally BofA ready with an approval - oh geez, trustee sale - nope, Fannie Mae (so BofA claimed) won't postpone the trustee sale when the buyer needs just another 25 days to get the FHA loan. Gone. The house is in MO, has a 1 yr redemption period - so the former owner has the right to walk in on day 364 and take the house back. This was a good deal for everyone. Why not have that trustee sale 3 months earlier? 6 months? 9 months? Why only allow it when they couldn't shake the buyer and she needed a normal FHA loan (by pushing, you can get that done in 30 days)?
Unusual? Oh, a little, not a lot... and on and on...
Oh, how about that great equator message that went out to all the agents - we are now going to send you emails as status changes. Meaning from data collection to negotiation to closing. Swell, why bother? Those are months apart with lots of stuff that you should be involved in to make it happen faster and correctly. These announcements are sort of like birth, graduated high school, got a job, died. Yeah, real useful. Oh, and how do they end it? Send us your suggestions and we love partnering with you. This is from [email protected] and there is no contact info. Go ahead, ask, like I do all the time, is there a liaison? Someone to complain to, make suggestions? Get help? Is there someone in charge of Equator. ........ NO.
Latest suggestion from a rep (as I said, I ask a lot), go to bankofamerica.com. OK, I look under contact us. Hey, look, idea submission. CLICK.. BofA does not accept ideas, suggestions, nothing no how go away. Yep. I see...
Yes, from one end to the other - a wildly out of control company accountable to nobody nohow. A real fun wild ride... -
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How about my story:
April 1st- offer accepted
April 30th- signed p & s
June 1st- Seller's attorney filed paperwork with BOA
July 7th- no negotiator had been assigned so the attorney called,, Second mortgage through BOA approved sale good until 8/3
July 27th- told that the offer was rejected and file closed since it needed to go through equator.
July 29th- told by supervisor that the file was reopened and that it could not go through equator.
August 16- BPO appraisor went to house- attorney had no idea since the appraiser went through the real estate agent
August 20th- Attorney can not get in touch with negotiator- he will not answer the calls. We are stuck waiting as we are locked into the deal until October 1st (we would lose our $10K deposit).
Terrible experience as BOA does not respond to inquiries and we have no idea what is going on. I guess this is what is expected from BOA. Also, the seller's attorney seems like a dolt as she isn't making weekly calls and the seller's agent has relinquished everything to the attorney. October 1st is right around the corner. We are actively looking at other houses but nothing has come on market that we both like. Starting in September if we see something we like, we will make an offer with a contigency that P&S isn't signed until October 1st. -
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Absolutely typical. In equator, emails should be going to everyone on the list - VP's, manager, team lead, etc. Dead head negotiators far outnumber competent ones at BofA. Unfortunately, unless you run into a conscientious team lead or some such, you'll find that management is totally unresponsive - they seem to have risen in management by learning how to hide from responsibility, not by taking it.
[I have had some luck by contacting previous negotiators and closing officers to jump in good ones will gladly.]
Secondly, you should be calling into the rep, the rep should tell you that something is overdue and he will escalate it. Escalations go higher and higher.
You make it sound like you or whoever is dealing with BofA is happily sitting around waiting for them to tell you everything is done. Do that and you may find you've retired twice before you hear anything like that..
susan r said:How about my story:
April 1st- offer accepted
April 30th- signed p & s
June 1st- Seller's attorney filed paperwork with BOA
July 7th- no negotiator had been assigned so the attorney called,, Second mortgage through BOA approved sale good until 8/3
July 27th- told that the offer was rejected and file closed since it needed to go through equator.
July 29th- told by supervisor that the file was reopened and that it could not go through equator.
August 16- BPO appraisor went to house- attorney had no idea since the appraiser went through the real estate agent
August 20th- Attorney can not get in touch with negotiator- he will not answer the calls. We are stuck waiting as we are locked into the deal until October 1st (we would lose our $10K deposit).
Terrible experience as BOA does not respond to inquiries and we have no idea what is going on. I guess this is what is expected from BOA. Also, the seller's attorney seems like a dolt as she isn't making weekly calls and the seller's agent has relinquished everything to the attorney. October 1st is right around the corner. We are actively looking at other houses but nothing has come on market that we both like. Starting in September if we see something we like, we will make an offer with a contigency that P&S isn't signed until October 1st. -
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Unfortunately, the seller's attorney is the only one authorized to talk to BOA on the seller's behalf. So even though I call the attorney weekly, she is unresponsive to doing anything outside of her timeframe.... Very frustrating as I was told she was a short sale expert when I was making the offer. Obviously, she was over stating her qualifications as I feel she is sitting around waiting. No much I can do as she has her own timeline that she is following. My real estate agent has talked to her too and she is all talk and no action (outside of her timeline). Frustrating!
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Susan -- would love to talk to seller or their lawyer if possible. What I really want to know is what's happening to these poor sellers who just want to move on with their lives but can't because they're caught in bank bureaucracy?
susan r said:Unfortunately, the seller's attorney is the only one authorized to talk to BOA on the seller's behalf. So even though I call the attorney weekly, she is unresponsive to doing anything outside of her timeframe.... Very frustrating as I was told she was a short sale expert when I was making the offer. Obviously, she was over stating her qualifications as I feel she is sitting around waiting. No much I can do as she has her own timeline that she is following. My real estate agent has talked to her too and she is all talk and no action (outside of her timeline). Frustrating! -
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Wow - I think you're stuck. For good reason, you don't want multiple contacts with the bank - we do that at my place, but as 1 voice - have notes, etc. Not like 2 different people. And, you really are on the outside since you are on the buyers side. There often is not a ton of motivation from the sellers - tain't their money and they are often pretty beaten down, but you could get the message to them that someone suggested you walk since you are getting no progress on the short sale. The only other thing I can think of is that same pressure to the attorney - he should not be getting paid if he doesn't produce. But, I'm guessing that the $ is small enough, he doesn't care. I'm sure you have little legal recourse - the agreement is pretty well set to say BofA can screw things up and that's too bad. There is probably plenty of latitude for both the buyer and seller to walk, too. It's a short sale - everything is pretty loose.
I guess that the only thing that will move this attorney is to go to a meeting where he is - I'm guessing he goes to real estate groups to sell himself, other places to get clients for SS's. And if you are lucky, it will be one where they have a forum to discuss SS problems - you can bring up this attorney that isn't responsive. In the same subgroup, you don't use the name just bring up the issues. He'll get the idea -- maybe next time you'll use the name.. Other than pressure from some other place, I don't see that you have much going for you..
susan r said:Unfortunately, the seller's attorney is the only one authorized to talk to BOA on the seller's behalf. So even though I call the attorney weekly, she is unresponsive to doing anything outside of her timeframe.... Very frustrating as I was told she was a short sale expert when I was making the offer. Obviously, she was over stating her qualifications as I feel she is sitting around waiting. No much I can do as she has her own timeline that she is following. My real estate agent has talked to her too and she is all talk and no action (outside of her timeline). Frustrating! -
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Permalink Reply by Aneetra Isis Sherrell on
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I do, but B of A is by far the worst! I have about 10 horror stories, I didn't think it was possible for 1 bank to screw up this much! What do you need to participate? I have been searching for a forum to file a complaint on them so someone hears us, I would loooove to share my thoughts!
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Wow, this sounds exactly like what I just went through. I was a buyer, signed the contract in January and just decided to walk away last week. The sellers retained this lawyer who billed himself "the foremost authority in short sales" or some other B.S. The guy was completely uninvolved and just had his paralegal handle all of the negotiations. She wasn't nearly aggressive enough with the banks. And when my attorney called him to discuss the sale, he never had the file available to discuss specifics. I think this will be the next scandal - predatory "short sale experts" taking advantage of sellers. This guy clearly just wanted to take on as many files as possible to make $ on volume. OH and he blatantly violated RESPA in the contract by mandating that the title work go through his title company!
susan r said:Unfortunately, the seller's attorney is the only one authorized to talk to BOA on the seller's behalf. So even though I call the attorney weekly, she is unresponsive to doing anything outside of her timeframe.... Very frustrating as I was told she was a short sale expert when I was making the offer. Obviously, she was over stating her qualifications as I feel she is sitting around waiting. No much I can do as she has her own timeline that she is following. My real estate agent has talked to her too and she is all talk and no action (outside of her timeline). Frustrating! -
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Permalink Reply by Ed Clements SFR, HELP Certified on
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Lol...where do I start! I recently had a file with B of A. They said, my client didn't qualify for the HAFA program because they had a Trustee Sale Date. I checked the HAFA guidelines and it was not in there obviously a B of A guideline.
I had one with US Bank they wouldn't file a Request to Postpone Trustee Sale with Fannie Mae because it was 7 days from the Trustee Sale Date. I called Fannie Mae they said they could postpone the sale up to the date of the sale. When I asked US Bank to file the postponement and let Fannie Mae decide, they said,"no".
Another B of A, they sent us a counter offer for $240,000 which the buyer accepted. Three weeks later I receive another counter offer changing the purchase price to $269,000. When I emailed them to ask why did you waste everyones time with the first counter, let's face it they knew the prior valuation was expired or going to expire soon. They answered, that's our policy. I answered your production is highly inefficient.
Http://www.edsellsre.com -
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If you ever find a way to get to BofA - put it out there - I've been looking for a long time. I periodically ask, whoever I can, and occasionally get a new joke. Last one from some sort of help service that I got to via fannie mae was to go to the FTC..?? Huh? Well, I doubt it. The one before that, a rep consulted with his manager and said that the bankofamerica site has a contact. I looked around, found contact us found idea submission and saw "we don't want your stinkin' ideas, go away." What a hoot.
So, if you find some way of getting to BofA's real ear - those thick-headed corp idiots who keep doing whatever they can to make SS's as painful as possible for us, PLEASE post it everywhere. I'd say email me but, geesh, this forum makes that hard to do..
Aneetra Isis Sherrell said:I do, but B of A is by far the worst! I have about 10 horror stories, I didn't think it was possible for 1 bank to screw up this much! What do you need to participate? I have been searching for a forum to file a complaint on them so someone hears us, I would loooove to share my thoughts! -
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