So here we are after replying to a counter offer from BofA on an active short sale, and awaiting approval. Today I get an email from the negotiator saying the home was sold at auction yesterday. No notice. BofA had previosuly approved a stay of foreclosure. Negotiator and supervisor not returning calls. Short sale dept. says it was sold and it's their right to do so. WTF?? Has this happened to anyone else here....?
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Every time you call, ask if there is a Foreclosure date set. Then don't believe them and call again to confirm. As an Investor once told me, "We can do whatever we want!" And so it goes.
Wowww!!! This is just one of the many reasons lenders get a bad name. They think they're God! Well, they probably lost money on the sale as usual, but they're probably not talking about that.
That's terrible...we were in the same situation 2 weeks ago with BOA. Waiting on the approval from the counter offer but the selling agent had to email and call into the negotiator several times. If you look at my posts in the forum, you will see the trouble we had and the responses from agents on here. The house was scheduled to sell on October 27th and it was postponed on the 26th. Our approval came in on November 2nd. Diligence is the key...don't assume they will postpone even if waiting on an approval. Unfortunately, there are two departments (foreclosure and short sale) and they don't communicate without the negotiator to push it.
Oh wow! In this case I represent the buyer on this B of A transaction. I am told it started as a Hafa short sale. My buyer is NOT an investor, first time buyer owner occupied who saved her monies and is paying cash. Her offer is more than the listing agreement. This started in July. The listing agent is on the 2nd negotiator now. Just when we should have been approved he gets the message to start uploading all the info into Equator. I happened to attend a B of A seminar with one of the VPs of the bank, asked her about the new regs. I informed the listing agent and he contacted this vp directly. This property went to auction the following week but DID GET POSTPONED so it is still on the books as a short sale. It has now been 2 weeks and no news from the bank. ANY IDEAS out there? Please!! After months and months I am afraid this patient buyer is going to walk..... By the way, I do not know about the investor nor if anything was recorded.
No this has not happened to me. Who was the Investor? Was the "stay of foreclosure" recorded in public records?
Turns out the foreclosure deptartment says the negotiator made a mistake in inputting a code so the final request for a stay was not granted and BofA bought the home at "auction". This is going to get UGLY.
Wow, that sucks too! I agree........it's going to get ugly!
Wow...