I apologize for the length, but below is our story....any comments suggestions are extremely appreciated! Thanks to all for your valuable information throughout the site!!!
My Fiancé and I currently are currently under contract on a property being handled/owned by Bank of America. When we submitted our offer, it had already been approved for short sale, but the original buyer backed out. We were told we could step in as new buyer, and the new Approval Letter will take about 48 hours to process. The case is being handled by an attorney.
answer saying, "it was being reviewed by the investor".
investor has the file, and all we can do is wait.
"She (Supervisor) has confirmed that the file is definitely not in the Equator system and that they have been given a directive to process these pending files ASAP. She said that if we don't hear from them by Wednesday or Thursday to please call them back. The supervisor feels that we should be getting that approval very soon in light of all of the changes slated for 4/1/10"
ALL short sales are being transferred to the new Equator system, and that we had to start all over again?!?!?
I am aware we could have chosen to find another property but we A) very much like this house, and B) perhaps we would have looked elsewhere had we not been told for the last 3 months that it is being handled and it will get done. Now all of the energy, time, effort, and not to mention costs, that we have incurred, seem to be all for nothing but anguish, frustration, and disappointment.
I am sympathetic to the banks situation, and know how busy the past year has been. It is troubling to me however that it seems that waiting and following instructions from BOA results in our case sitting in a pile to the side. In the end, all we have accomplished is nothing as we now are told to begin again, but with time very much against us. We have been patient and gotten nowhere; while anyone who is kicking and screaming are dealt with seem to at least have some positive results. If there is nothing that can be done or will be done, in order for us to be able to expedite this before the tax deadline passes us by, I simply just need to be told that, so we can put our "dreams" aside for now.
Thanks again and sorry for the rant!
Steve
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Steve, I'm happy to hear they finally got the file submitted into Equator. That's where it needs to be. Do not believe the "2 weeks out". Where did the lawyer get this info from? Probably thin air. Now having said that the Equator system does seem to be speeding things up quite a bit. But realistically it still may take a month or more.
One of the issues from what I read in your article is that you have been given unrealistic expectations from the beginning. BofA will rarely of ever substitute a buyer. Even though your offer was the same their NET is less due to the time factor and the added costs (servicing fees, taxes, insurance etc).
If your deal is strong and was just now uploaded to Equator you may very well meet the deadline for the tax credit but it will be close. Have whoever is dealing with BofA spend some time on the phone and try to reach upper management. This may help. I truly hope this all works out for you.
Just remember, there are more houses out there. Concentrate on your upcoming wedding. That is far more important than this.
Hi Steven,
I am sorry about your situation; I am, too, a short sale buyer. My offer was accepted by the seller on 3/6/10, and apparently, my case is in the Equator. My agent was told by the listing agent that BPO has been ordered recently, but I haven't heard anything else from anyone on the process.
It has not been that long, compared to your case, that I am waiting, but I can't help it but to check my email and voice mail often. I've done everything I can on my end, so I'm getting more anxious. I personally went to get the property's plumbing/electrical/construction/permit history records from the City, had the house inspected (general and termite), got my loan in order, got homeowner's insurance policy quoted, and sent an EMD check to the escrow company (Escrow opened as soon as my offer was accepted by the seller), etc., and all I can do now is wait. Waiting part is just frustrating.
Sometimes I feel like buyers in short sale transactions are the 'victims' - being bullied/punished for things we're not responsible for. We do all we can do to get the deals closed. We diligently saved money, made the move (hopefully) early enough to make it to the tax credit deadline, and patiently wait.
What I wish is if I were informed generally how good/bad the seller's financial situation was, and the possible road blocks during the short sale process - prior to submitting the offer. I know our agents try very hard and they mean well, but I feel, without buyers, things don't happen! Although I am currently not practicing, I hold RE license and was once trained by a major RE brokerage, so I see the agent's side, too.
I hope you get the written approval soon. Like Bryant suggests, focus on your wedding for now, so at least one important event of your life will be fulfilled. Maybe ask your guests to contribute $$ as your wedding gift so that you can use that if BoA counters your offer?
Good Luck!
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