I have closed many short sales and have to tell you BOA is still horrible!!! Have a Fannie Mae short sale that I have been negotiating for 18 long months. Have had a few offers that have fallen through either from BOA taking forever or financing due to the condition of the house. BPO agents giving way too high of a value when they go out. I have sent estimate from a general contractor showing what repairs need to be done plus heat does not work upstairs in the house which I also have an estimate for. Now dealing with REDC which told me they have authority to approve it but now stating that Fannie Mae will not accept my cash offer that is $260,000 but wants again $290,000. I had an offer for $290,000 before that they declined and now here we are with a cash offer with no closing costs and they are being stupid again. House is not worth that much!!!! Trying calling Office of the President which resulted in a HUGE waste of time since all they dd was put me back in with the short sale department. Anyone have any advice? I am almost ready to throw in the towel!!!! Oh, by the way, had a good BPO a while back then when I got the other offer since it was over 60 days old the new REO BPO agent jacked up the value!!! HELLO the value is DECLINING not going up!!!! Hope someone has some advice to share on what I can do at this point!!!
That is a tough one, I would start by calling Fannie Mae and escalating the file. We met with Fannie in October and was told the servicer is required to escalate if you request it. I had a Fannie issue last year and started making alot of noise and finally got thru to the legal department. get on the phone and call and start sending email escalations, be that squeaky wheel.
I called the office of the president again this afternoon and they are stating they are going to escalate it but guess what that is whatthey said 3 weeks ago. I have a second with American General who by the way has changed to a company called Spring Leaf now. They agreed to accept the $3000 that BOA will pay them but only if it closed by tomorrow! Here I am wasting my time begging them again when BOA is at fault. I tried calling Fannie Mae months ago but they said they had the value from the BPO and were sticking to that. Tried to tell them that the REO agent that did the BPO jacked up the value. They did not want the comps that I asked to send them along with the estimate for rapairs. It is highly frustrating!!! I have been doing short sales for almost 10 years now long before it was popular to do them and I have to say this is by far the worst one yet. It is getting worse with BOA every single day!! I say we go to their headquarters and get all of their payroll checks and hold on to them for about as long as it takes for them to approve our short sales then maybe they all would have incentive to move it along a little bit!!!!!
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