Replies to This Discussion

Permalink Reply by Kimberley Kelly on September 29, 2010 at 12:17pm

Yep..I'm with you. Chase is scamming..

Permalink Reply by joe beauchamp on September 30, 2010 at 4:39am

Same sort of thing happens at BofA, however, in the equator system, that stuff is logged so they usually don't deny it (I learned that they can actually delete things, btw). However, the problem exists. I was incensed the 1st time, but after multiple negotiators did it, I came to believe it was the same sloth that they display elsewhere which is at fault. They didn't properly read the investor guideline or they didn't properly look at the numbers and it went to the investor where they have some people capable of calculating the cost of fries and not only able to hit the fries button. It gets thrown back to the negotiator with a harumph, idiot BofA people and then my AGREE with the negotiator's response turns into another counter instead of an approval.

I suspect the same thing with you. I know for an absolute and painful fact that at BofA, until you have the approval, it does not exist - that is a story in itself. So, it is easy for me to just ignore things and keep fighting until the approval actually shows up.

You have no approval letter. That doesn't mean that $275K won't satisfy the investor, it can mean that your negotiator thought it went too easily and wants another $20K. What sort of resolve do you have? How good are your numbers? Frequently, from another negotiator or such, I can find what the investor really needs to accept the deal. That can make a huge difference. Is your buyer willing to hang around if you get to the point of the negotiator denying the short sale and you restarting it with another negotiator? If so, if you know you have good stuff, step back and become emotionally detached from this and simply point out that the buyer has reached the limit of his credit, or some such. Also, if you feel the number is good, tell the negotiator that you are done - no more messing around - submit this directly to the investor - you don't want to hear anymore, it flies or it doesn't.

Much of what I said depends upon how sure you are of your position and/or the investor's needs. If you know the investor needs $X, and the negotiator is still playing games, explain that you will be discussing with the investor how the deal was lost even though you offered enough to satisfy the investor - make him sweat..