We listed a house that was in awful condition at $90,000 May 1, 2012. We then initiated a HAFA short sale. As you know, it can be initialted until it is listed. On May 4, we got a cash offer of $70,000. It was held until all documentation was done as it should be. It was assigned by BOA to their vendor AMO, all docs were sent to them other than the offer. An appraisal was done 5/22. It then was re-assigned by BOA to NDS (another vendor) and a negotiator was assigned (Rebecca King) on 6/20. On 6/25 the offer and proof of funds was submitted. In all our calls and emails, nothing was needed should move quickly. On 7/24 the negotiator said it was being submitted for final decision. Then everything died. We called, emailed, escelated and did everything possible to move this along. 8/22 we finally got the SSA letter with a price of $59,400 with a closing before 12/15/12. Again after repeated calls, emails etc. Rebecca King on 9/17 called and said she just got the file and it was starting over. The buyer then lowered his offer to $60,000 and that was submitted. on 9/17 we were told to lower the listing price to $52,300. All docs were re-sent as per Ms. King's instructions. A new appraisal was done 9/23. 9/26 Ms. King closed the file "due to age" and that was that.
We have re-initiated this deal with another vendor directy (DTS) to see if we can get a better outcome. Yet another appraisal was done 10/6.
Bank of America shot themselves in the foot, as they had a cash offer of $17,700 over what they wanted and the negotiator closed the deal. I wrote to everyone in BOA etc.
Does anyone have any other suggestions as to what can be done?
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Almost the same exact thing happened to me only with a Gina Peterson. I have dealt with Rebecca King and she is impossible to deal with. But two days before the sheriff's sale sale indicated that the documents previously sent in months before were not filled out completely, i.e., the loan numbers were on on the documents. I have never had to do this with equator before. All documents were again submitted to her within 24 hours and then she dropped out of site and the sheriff's sale happened. This occurred after contacting the attorney who was handling the foreclosure.