I had a negotiator tell me she was going to close the file and not even send the buyer's highest and best to the investor for review because it was too low.
BOA has really messed up a good process. Until this month I was singing their praises...and now they are back to their old tactics. The negotiators are terrible lately...poor communication, tougher document review
I have a property that is in TOUGH shape...we even gave contractor repair estimates to the BPO agent and are ready to dispute the value...and they are telling me Freddie Mac does not allow value disputes.
And since when is there a Reserve amount that the negotiator won't send to the investor for review?
I was under the impression that each negotiator had a delagated authority to approve an offer at a certain price and anything under had to go to investor for review?
I'm no rookie...I've been closing short sales with BOA for 3 years with high success...until this bullshit
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Freddy no longer wants to do shortsales, they would rather foreclose...
That's a bold statement Joseph. I hope it is not true as they were bailed out before and yet still did short sales.
They are in much worse shape than Fannie. My theory is that they are desperately searching for a buyer so it makes sense to foreclose and not show losses. Yes, there will be greater losses in the future when they dispose of the REO's, but for now they get to list them as assets on their books.
Joseph,
That theory makes some sense, looking today I saw they are holding a $1 billion bond auction that ends on May 29....I hope all their b.s ends there too.
I have an REO agent in my office who said her listings dried up recently as well, seems to jive with the theory...
Maybe something in the FreddieMac group will help
http://shortsalesuperstars.com/group/freddiemac
We have the new Freddie guidelines and their BPO form that can be used to dispute value.