ARGH! BofA "Quality Control" closed my file because they can't find property on Zillow??
This property was actively for sale on the MLS for over 3 years without a buyer, then we found a buyer and we changed the status to "pending" on the MLS.
The quality control dept at BofA just closed the short sale after 3 months of waiting for an approval, stating that they were unable to find the property on websites like Redfin, Zillow, Movoto,ect. and it must be found there in order to approve the short sale.
What is going on?!
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Lenders believe those websites are the holy grail of Real Estate. I suspect it it were in "Backup" or "Contingent" (whichever way your MLS handles listings with an accepted offer), then it would still be listed on all the aggregators websites - but - "Pending" is an OFF-Market status and that likely killed your short sale.
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Permalink Reply by Pattilynn Guilford on
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Did you check Zillow or the others to make sure QC is correct?
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Permalink Reply by Neil L. on
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Yes, they're correct, it's not "Active" right now. But it WAS for 3 years and it's currently in "PENDING" status.
"Pending" = "Contract Pending".... seller accepted contract, pending 3rd party approval, pending closing.. etc...
Two concerns:
1) Since when is it a requirement that it be "Active" while they process the short sale? It is my understanding that it must be actively marketed for 90 days before it can be put into pending status. If I have a buyer I'm not looking for multiple lowball offers to come in after the fact that could delay the short sale further.
When I get a contract I put the property into "Pending" status so that other realtors and buyers know that there is a contract pending. In fact, in my city, this is an MLS rule that it must be pending if there is a contract pending. Otherwise, I could get fined.
2) The public access version of the MLS in my city shows the property on there, in pending status. However, zillow shows it as "off the market" because it's "Pending". There is no "pending" in Zillow.
The thing is, I should be allowed to have it in Pending status while they do the short sale. It's on the MLS Sheet as "pending" and they didn't complain then??
Since when did BofA start telling its agents that it must show up on zillow as "Active"??
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Neil,
Pending = OFF MARKET - no contingencies remaining to be satisfied.
Back-up or Contingent = ON MARKET but Under contract with contingencies remaining to be satisfied (like lender approval on short sales).
Unfortunately most all of the aggregators do not publish OFF MARKET status properties.
Did you ever send the MLS Listing and the MLS Listing History Sheet to BofA?
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Yes, they have the MLS listing history. In fact, they previously closed the file because they said because it was "pending" that it hadn't been marketed. We appealed and showed them the history and they said, "OK, you've marketed it long enough, pending is OK". Now they closed it again... same reason. Apparently they ignored anything that previously happened on the file.
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Sounds like
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I searched other properties that were listed as "contingent" in our area and sites like zillow and realtor.com show them "off market" as well.
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They should cross reference Realtor.com to confirm.
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Where does any BofA paperwork show that the property must remain in "Active" status throughout the entire short sale?
And also, how in the world can BofA depend on 3rd party websites to confirm data when they're not the same company? What a terrible practice. They should at least look at the MLS for that city directly.
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Really, what bothers me the most about all of this is the "QUALITY CONTROL" department. They NEVER ask for feedback or an explanation and one is always available. This is not the first time this file has been closed by this department for a stupid reason.
They close the file then disqualify the buyer from purchasing the home in the future, no matter what the reason may be. It drives me nuts. A simple 5 minute phone call would clear this up. It's a terrible policy that should be changed.
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Escalate thru Twitter
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Permalink Reply by joe beauchamp on
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There are several "rules" for different investors that seem pretty stupid and this type is one. When dealing with these banks, keep in mind that they do not want any sales to succeed. They are paid by the investor every month to maintain the file. No point in arguing what makes sense (for instance, FHA believes a short sale is a gift to the seller so if the property is not maintained, seller out of state, even if you have a buyer at a better than market price, FHA will not allow the sale to go through. They will let the property degrade and finally foreclose years later, obviously getting a worse price after paying years of extra taxes and insurance. But, it is their rule, so don't argue, just do it.).
Keeping that in mind, I'd say that before going back to the bank (twitter, etc) and complaining, you fix the problem - get your property listed as active (and, yes, I agree, you have a buyer, it should be pending, but they insist that it is active, so make it active in one form or another).
BofA's "quality control" can be all over the map just like their "specialists" demanding things like every blank be filled on a form, forcing a list of random maintenance tasks because an owner occupied home cannot have "everything" listed for what maintenance is done on the property by the owner. You probably just got the luck of the draw with this quality control guy. He had a bad day and wanted to share his experience with you. ;-)
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