Replies to This Discussion

Permalink Reply by Marty Hackworth on November 15, 2010 at 11:52am

Have your escrow officer contact your negotiator once docs are received into title. Works for me all the time.

Permalink Reply by Shari P on November 15, 2010 at 12:10pm

Do you mean the negotiator or the closer? The negotiator has been out of the loop since the original letter. Also, the escrow office will have to call the 888 telephone number because I don't have phone numbers for anyone.

Permalink Reply by Marty Hackworth on November 15, 2010 at 12:21pm

The last short sale I closed with B of A (last month) had my negotiators name, email and phone number listed in Equator. The only way I could contact a closer was through the Equator message system by selecting closer from the drop down menu, I never knew their name or contact info. The last close I had did not need an extension, but I did need a B of A extension on one earlier in the year and got it by having my escrow officer contact the negotiator and let them know we have docs and really can close, just need the extension.

So if I understand you correctly B of A gave you only 19 days to close the short sale, but extended the trustee sale date 30 days? Did you ask for 19 days to close? All b o A approvals I have received have been for 30 days. You mention the original letter, is the 19 days already an extension from the original letter?

Permalink Reply by Shari P on November 15, 2010 at 12:25pm

I originally asked for 30 days so we could have the entire time before the extended sale date but they only granted 19 days. (The original approval only had 4 days to close.) In fact, they flat out denied 30 days to close at the same time when the extended the sale date. So the closer has nothing to do with extensions? Only the negotiator can extend?

Permalink Reply by Marty Hackworth on November 15, 2010 at 12:32pm

I've never had anyone respond to me through Equator other than the negotiator. I've sent messages to the closer, and others on the drop down menu in times of need, but no one other than the negotiator has ever responded to me. The reason I believe I have been successful in the past is I have always gone for the extension when I have something solid to show them. If you just ask for more days with nothing to show, they don't have any motivation to extend. If docs or are in title and an escrow officer can call and say we really have a deal about to close, you have a much better chance of success. So many agents fabricate things to obtain extensions, it really helps to have escrow request the extension. I ad my escrow officer to my authorization to release for that purpose.

Permalink Reply by Gwen Mark on November 16, 2010 at 4:47am

You can call the 800 # and ask for the name and contact of the closer if it is not on your letter or instruction email. Also, as already suggested, send a message to the negotiator and the closer and the supervisor with URGENT. Someone should respond.
Is it possible that the BPO and financials are about to expire? That could be why they don't want to delay. They will have to redo all the paperwork. I had one with a 1st at Wells Fargo and 2nd with B of A. Wells would not approve the HUD and the docs were about to expire so they closed the file instead of waiting for me to work out the issues with B of A. I had to call both banks Executive offices to get help. We finally closed 10 days and ALOT of STRESS later.
B of A Executive Office 714 792 4264 When you get situations like this, you have to be a Pit Bull...lock your jaws and don't let go...

Permalink Reply by jeni lamberto on November 16, 2010 at 6:19am

I agree with Gwen....Pit Bull mode. Escelate, escelate, escelate.

Permalink Reply by Shari P on November 16, 2010 at 6:30am

I think the BPO expires after 90 days so we are good until around December 8.
I usually am a pitt bull but they are waring me down this time around--I used to find these short sales as challenging but I really think this will be my last one. It's hard to be nice and a pitt bull at the same time. I'm going to wait until we get the loan docs in before I pull all the stops. As of now I got nothing to show that we can close.

Permalink Reply by Shari P on November 17, 2010 at 3:10pm

So far no loan docs! URRR!! The buyer's lender is BofA (wouldn't you know!) and we are hoping to get docs into escrow on Friday, which is the last day of the approval. Should I wait until Friday when we get the loan docs before I ask for an extension or give her the heads up about the set backs now????