Negotiator says she has HUD and BPO and wants to wrap it up in 21 days... Is there any truth to this?
I am the buyer of a short sale that can NOT go through Equator because it is a "private" mortgage (still not sure what that means).
After waiting since May 1st for them to give us any feedback or answer calls, the seller's attorney has heard from the negotiator. The negotiator says that she has the BPO and the HUD- she wants to wrap this up in the next 21 days. Will this start to go forward now or is the negotiator just telling us a line of crap??
Just trying to figure out if this will start moving now or if we need to wait another month (or two or three) to hear from them.
Replies to This Discussion
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Permalink Reply by Ann Trieb on
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Your guess is as good as anyone's.
The negotiators don't have an aim to tell you a line of crap. They have an aim to find a resolution for every file that comes across their desk. There is a lot of behind-the-scenes garbage that they have to deal with on these loans as well. The seller's representative should convey to the negotiator how much time they will need to close from the date of the approval letter (are you a cash buyer? are there certain reports or inspections that must be ordered that take a certain number of days?) so that that approval letter is not handed down with an unrealistic expiration date.
The negotiator is probably hoping to get authorization to write that approval letter any minute now. Good luck! -
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Permalink Reply by joe beauchamp on
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You don't really have any position in this. If you were representing the seller, I'd say make the strongest contact possible with the negotiator and discuss what he needs. Stay on their case, call in at least every 3 days. Let them know what your limits/issues are.
Now, if you are going to talk "I have a deadline, I'm going on vacation, I am walking" etc. They hear that all the time and it does not computer. They have 100 files sitting at their feet. Your choice is to make it as easy as possible for him to get rid of the file or watch it hit the bottom. What you probably think are threats are not. He doesn't care. Tell him that you need that approval by Friday, he thinks, "no way can I get all this done by then" and puts your file at the bottom to work on a file where his work will not be thrown out after Friday.
There are many levels and types of negotiator. BofA has some good ones but many more mediocre to horrible ones. As the seller's agent, you push for answers - where is this now, why is this taking another week, etc. Those are basic and make the rep look around and respond - frequently with an escalation. You just have to keep pushing in the direction that the rep understands makes sense - one little step at a time. Many of them want to help and will.
But, as a buyer? Well, you have no position, no say -- sorry. -
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Permalink Reply by susan r on
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Just heard from the seller's attorney. The negotiator is not returning phone calls but her supervisor says that he is expecting the file in the next 48 hours for review. Says he will either counter or accept. Let's hope that this doesn't take another 2-3 weeks but it probably will!!! I just hope he doesn't counter as prices here in Boston have NOT rebounded and I feel our offer is fair. We aren't getting a steal but the seller's aren't getting what they put into it (which is why it is a short sale).
So I think that we are limping along in the right direction. Our P&S with the seller is supposed to expire on October 1st.
Found out too that the attorney has been calling about once a week. She is now going to step it up to twice a week. Wow- thanks a lot.... -
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You have to continually apply pressure to BofA, even more so with the accounts not in equator. Although negotiators can eat up a ton of time doing nothing, that is not as frequent as "agents" not calling in and staying on their case. Negotiators are at least somewhat overloaded - what do you think they do with files where nobody is asking about them?
I haven't had one outside of equator for a while - I'm sure that escalations and fixes apply there, too. You ask what the negotiator is doing, get the timeline for it and ask in a couple of days. They miss the timeline, you ask the rep to escalate. You also send messages either vmail or email, whatever you can on the file.
As elsewhere, you should use John Ciresi to look it over and get things moving. Not at this point, several months ago would have been a good time.
They dump deadbeat negotiators so it is reasonable to assume that you have someone in their now who wants to finish off the short sale. In fact, if the negotiator is actually talking to you, he already qualifies as more involved than 2/3 or more of the negotiators so that is a good sign.
The best thing to do, although as buyer/agent, you have no say or standing, is to ask the negotiator if he needs anything, get him up to date docs (they are always asking for those outside of equator because they get old while they sit) and get him the cleanest stuff possible. Anything that shows that you are not interested, like dragging feet, old data that you won't replace, etc., and what do you think he feels about your file? That pile that is 3 ft deep of files? Yep, right to the bottom and on to one he can finish. -
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Permalink Reply by Ryan Diedrich on
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They have the HUD and BPO....big deal. they still have to review it in house, approve it and then send it to the investor for final approval. this could take up to 60 days in some cases. If it was a conventional loan, 21 days would be correct but not a PM loan. it will take longer than that.
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Ryan- Thanks for the honesty. Could you tell me what a private mortgage is compared to a normal mortgage? I still can't figure out why it can't go through Equator- but they told us it is a "private" mortgage.
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Pretty much, non-gov't investors are private. That's the diff. Each investor tells the bank how they want their loans processed. My assumption is that these "private" investors do not want to take a chance and put the resources into examining BofA's use of Equator. The higher ups at BofA have a plan to thwart short sales - look at the trappings - no feedback loop, every attempt to keep information from you, etc. Equator, no doubt, was BofA's magicians game - OH, poof - here is the answer to everything, Equator has timelines, it will speed short sales. (And, btw, any idiot can do the job, equator tells them what each step is and when to do it) ---- look at those results - not good - at all.
So, it is just as likely that these investors are not stupid and said, "BofA, we have a contract, you put PEOPLE on our accounts and you handle them w/in the timeframes given. Not interested in any slight of hand to this new system of yours - not buying it." And, you happen to have one of these investors. The seller has the info and can get it for the investor - truth in lending. So, if they tell you, you can know who this private lender is. It isn't fannie mae or freddie mac, it is someone else, hence the term "private". Just a designation - nothing special.
susan r said:Ryan- Thanks for the honesty. Could you tell me what a private mortgage is compared to a normal mortgage? I still can't figure out why it can't go through Equator- but they told us it is a "private" mortgage. -
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Seems like I am inching forward little by little. Latest news:
Negotiator is waiting on payoff figure and as soon as she gets it she will submit for approval.
The BPO came in $2k above our offer. Our offer is 99.5 % of the BPO.
The supervisor has approval authority (based on loss amount) for this sale. The investor has also given BoA full authority to approve or deny (according to the supervisor).
Maybe this deal will go through soon. I can only hope and pray.... -
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99.5%?? Geesh, there has to be something really screwy for this not to go through. You're paying market value according to their BPO. They must be trying not to giggle when they talk to you, their so happy to get this deal.
Stay on top of them. You make it sound like there is some discussion between the investor and BofA - No. BofA has the guidelines. In there, BofA has huge discretion - then they finally turn it over to the investor to see if BofA screwed up. All the manipulation is done by the negotiator - and he will tell you it is MI and it is the Investor. Those only come into play when you hit a tight spot, if at all.
I say stay on top because at BofA ANYTHING can go wrong. Just keep asking for status - the rep will escalate when the negotiator falls asleep and drools all over your file. If you don't call, guess how much dust can gather - even with great deals for the investor and not just very good ones like this..
susan r said:Seems like I am inching forward little by little. Latest news:
Negotiator is waiting on payoff figure and as soon as she gets it she will submit for approval.
The BPO came in $2k above our offer. Our offer is 99.5 % of the BPO.
The supervisor has approval authority (based on loss amount) for this sale. The investor has also given BoA full authority to approve or deny (according to the supervisor).
Maybe this deal will go through soon. I can only hope and pray.... -
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