I have a closing that was delayed friday because of a Bank of America screw up. Buyer did everything they were suppose to do and were ready to close. Bank of America has made multiple mistakes and as result the buyers lock has expired. Is there any damages that can be gotten from the Bank in this situation?
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What type of mistakes did the bank make?
Hi Rita, well it appears that this was a very specific HAFA short sale program, no give and take from the Bank..it all had to be their way..except that they let this program lapse and now the whole deal has to be reapproved as well as qualify all over again with a NEW HAFA program. They also failed to understand a normal extension for completion of test results to mean that we were lenthening the actual closing date. No apologies, no response. Now the buyer will have to be reapproved, be charged for the wire being sent back and very probably have a higher interst rate than gotten before. Lest I say more?
Thanks. I was not aware that BOA had a specific HAFA program that was different from the any other lender. So thank you for pointing that out. Also, we have to be clear about our contracts because they vary from state to state and I don't think that the negotiators really pay attention to the details.
Clearly, the buyer has been set back but I am not certain how you remedy the situation.
This does not apply to GSE Loans - http://www.scribd.com/doc/69225316/HAFA-Policies-Bank-of-America
Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
Greenville, SC 29607
Cell: (864) 485-9283 (call or text)
Kevin@KevinSellsTheUpstate.com
www.shortsalesuperstars.com/profile/KevinMWillson