After a whole year we finally got approval and they gave us 4 days to close escrow. We got them to extend the sale date 1 month and a new letter with 19 days to close escrow. The approval letter expires tomorrow. The buyer's lender (also BofA) MIGHT have loan docs ready tomorrow, but might not. They have had trouble getting the condo complex project approved. The closer has already said NO to an extension when I asked a few days ago. Some Superstars have said to get escrow to call when we have docs BUT what if we don't get docs until the last minute or even later? What happens if the letter just expires--should I keep trying to get an extension and keep owkring on the short sale until the actual sale date (Dec. 2)? Should I tell the closer today about our troubles? Should I start escalating now without docs in escrow? The buyer's lender says he only needs about 4 days extra so technically we could close the day before the sale date. FYI--it's a Fannie Mae loan and the BPO is good until 12/9.
I need help ASAP!
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I had already told them we would pay per diem and the closer wrote--"Request for another extension is denied they will need to close before the investor approval expired of the file will need to be cancelled."
Also, the 866-880-1232 number is kind of a joke--they can never do anything--they just say call or email the closer.
I'll give the closer a few hours to respond and then try to hit the executives at BofA.
I had already told them we would pay per diem and the closer wrote--"Request for another extension is denied they will need to close before the investor approval expired of the file will need to be cancelled."
Also, the 866-880-1232 number is kind of a joke--they can never do anything--they just say call or email the closer.
I'll give the closer a few hours to respond and then try to hit the executives at BofA.
As for the buyer's BofA rep. he just doesn't have pull. Actually, I personally know one of the top 10 sales reps in all the U.S. at BofA and he gets stuck in their quagmire also.
I'll keep trying on the 866-880-1232 number...
For every 100 nice but non-effective reps you get on the 866-line, I just LUCKED OUT and get a great one just now. She told me just how to escalate and submit a new HUD and she escalated on her end. The difference in extending the sale date is only $158.12 less on the net and agents & buyer are willing to pay this.
I'll keep on it this afternoon.
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