Bank of America approval
Has anyone ever gotten a BOA approval buyer specific. The original buyer walked because the process took to long. Got the same offer new buyer and BOA says start over instead of closing. Finally my question, has anyone ever just taken it to closing with the new buyer and send the HUD within 72 hours as they requested and closed the file with the new buyer.
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Hi Yvonne - I find that you can sometimes sneak in a buyer back to PHASE II and skip PHASE I if a buyer drops out. I have not personally seen a substitution after approval.
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Permalink Reply by Yvonne Westerman on
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Thank you very much for that answer I really appreciate it. I did that also they want seem to listen. That may have something to do with her saying she was going on vacation.
Thanks
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Permalink Reply by Keji Ogunleye on
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The approval letter specify the buyers name so I'm not sure the title company will let you close with different buyer.
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Keji Iuyomade said:The approval letter specify the buyers name so I'm not sure the title company will let you close with different buyer.
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Im sure they want either. I just thought I would put the question out there for some feed back. I am just going back to the phase II negotiator and negotitate as suggested last night. Thanks for your input.
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Permalink Reply by Jeff Payne on
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I have changed buyers several times after we had approval. They all were the same net and I just asked the closer to change the name, so far so good, sometimes it can take 2 to 3 weeks but it can happen. Working on one now and expect the new letter today..
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Permalink Reply by Elva Branson-Lee on
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Depends on the lender, I guess. I've brough in a new buyer after approval when the first buyer walked with GMAC and CITI. So far it seems to me that BoA is just hard to deal with on any level.
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Elva Branson-Lee said:Depends on the lender, I guess. I've brough in a new buyer after approval when the first buyer walked with GMAC and CITI. So far it seems to me that BoA is just hard to deal with on any level.
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Good moring,
Thank you for your reply. I agree Bank of America is difficult on all levels. I now have 3 previously negoitated files with letters to close until the end of November with buyers names on them that are no longer interested. Although I have buyers for all 2 being cash and ready to go, the BOA netting more in all cases they are still telling me to start over. When I ask them why they think a buyer would hang around with so many properties available for 4 to 7 months for BOA to give them an answer they have no reply. When I asked if they were the investor and you knew you just lost another $20,000 dollars at least because the home has to go back on the market and submit the paper work again when the simple fix would have been the name change would they not be upset. Reply was i don't know why it's done that way it is a good question, howevever, I don't have an answer.
I will get off the soap box now again thank you for responding have a great day.
Thanks
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Permalink Reply by Nelson Mateo on
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Dear Yvonne,
BOA is very hard to deal with it, however you can get them approved!!! I tried changing buyer with NO LUCK!!! They required you to start the process again. DO NOT go to settlement without the full approval with the approved buyers....THEY WILL NOT RELEASE THE LIEN(S)!!!! Email me if I can be of any help to you.
Nelson
[email protected]
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Permalink Reply by Bettie Meadows on
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Not wih BOA. I have with New Horizon in May of this year. And Cit-mortgage within a week. BOA is getting harder everyday. I think we are going to see some changes with BOA in the future,some positive changes
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Thank you for your response and advice. I did not go to closing I have resubmiited. I'm glad to know someone already tried that for me. I will be sure to e-mail you if I have any questions. Thank you again.
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