Bank of America short sale closed thru the "soft decline"
Just closed a Bank of America short sale, Florida Condo.
We lost our first buyer end of September and requested a "soft decline" in order to present a back up buyer. Offer paperwork submitted on Sept 28. New approval recieved November 30 and closed on Dec 8.
The soft decline did not mean much because we had to resubmit everything and they ordered a new BPO. Negotiator was the only constant.
When will the banks realize that switching a buyer can be very easy? New buyer, send in contract and HUD that matches the approved amount AND send in arms length transacation affidavit and it would be as simple as changing the name on the approvall letter.
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Jeff - I am going through the exact same thing now. We told them buyer couldn't come through on sale - his father wrote a substitute contract with exact terms. Now we are in "waiting for valuation". I feel a twitter escalation coming on next week!
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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I have the same thing gong on. Our Sixth buyer walked (over two years of working on this one) and we got a Seventh Buyer right away. I contacted BofA and they declined #6 - nothing soft about it. When I asked about "Soft Declines" the BofA person told me that's "misunderstood by agents" - it's just a way for them to bring docs from the old file to the new file if it's within a very short timeframe. The good news is that I contacted @BofA_Help through Twitter and they got the Trustee Sale postponed by two weeks (not enough time) and a new negotiator assigned the same day. We've uploaded everything and hopefully we'll get some news soon for this buyer.
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Permalink Reply by Jeff Payne on
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I agree Thom, I think it is a way for BofA to make us think that they are trying to be proactive. Mine was within a very short time frame, we lost our buyer literally at the closing table (long story) and had our new buyer submitted immediately. BPO was not more than 90 days old and we still had 3 weeks on our current approval letter. Only thing we needed was to change the buyer.
Twitter help is the best thing I have seen BofA do since Equator.
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Permalink Reply by Kimberley Kelly on
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Two years..wow..you beat my record from 3 years ago of 18 months!! Go Thom!
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Permalink Reply by Kelly on
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Jeff~ It sounds like it wasn't "soft declined" but "hard declined" instead. A soft declined file would not require all documents to be resubmitted.....
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Kelly, I suspect that there is not much difference between a soft decline and hard decline except that we didn't reinitiate the short sale in equator. The only thing that I did not have to do was re initiate.
The old adage of "If it looks to good to be true................." comes to mind
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Permalink Reply by Kevin - Greenville, SC on
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This sheds light on why Servicers delay and deny....it's all about the $$$.
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Jonathan,
I suspect that it is more lip service to make Bank of America look like they are doing something. As long as they are getting paid to service the loan, the process wont really get much quicker.
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I am so with you here Jeff. When B of A told me about "48 hr. buyer substitution when your first buyer walks"..I was hopeful, but skeptical. I tested it and B of A failed. As usual, it seems it will take 12 months minimum to actually train their people to be able to handle this new hugely difficult change..aaarghhhh!!!
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Kimberley, the funny part is that I initiated a new short sale on another property at the same time as the "soft decline" on this short sale and guess which one was approved faster? The new one of course :)
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