Comment

Comment by Amy Martin on March 13, 2012 at 8:52am

Thom Colby, i did tweet and so far, bofa called me that Fannie declined postponement of sale :-( Who can I escalate with BofA?

 

Comment by Julia Huntsman, 562-896-2609 on March 13, 2012 at 8:35am

Good clarification Debra--and changing the status to Backup is something some agents are still not doing, and it's very misleading to the buyer. I'm glad to hear that OCAR is paying attention.

Comment by Debra Enos on March 13, 2012 at 8:31am

Thom is correct...but look at the language "seller MAY continue to market property". I don't know your MLS Rules, but here in my part of SoCal we have CRMLS.  If the SELLER accepted an offer in writing, we are required to change the status to Backup - including short sales - you are still marketing the property for backup offers. Some agents go ahead and put the listing in Pending, or even On Hold while waiting for bank approval - which isn't marketing the property, and that is an issue banks don't like because they want backups, just in case.  Then we have a section called Special Conditions: that needs to be updated to "Short Sale subject to banks approval - Offer(s) submitted"...If you don't make these 2 changes, you are subject to an MLS violation notification and if not corrected hefty FINES can apply.  You can continue to market and show the property and take backup offers, as you should, until the bank approves the short sale and escrow formally opens.  But the bank can not require you to switch offers, as you have an accepted offer in writing already.  They can counter the first offer, but not switch unless the counter is rejected or expires.  Orange County Association of Realtors, supported by CRMLS, is going around, office to office and speaking to agents on this very matter, and other common violation issues....as an educational tool.

Comment by Thom Colby CA Brkr 888-391-5245 on March 13, 2012 at 7:11am

Jeanette - If the seller signed the Addendum, you have to send all offers to the lender especially if they are higher and stronger than the offer currently in process.

Comment by Jeanette Becker on March 13, 2012 at 7:04am

Short sale addendum on purchase agreement states that 'unless otherwise agreed in writing, seller may continue to market property despite acceptance of buyer's offer, and to present to short sale lender any additional offers that are received on property.'

Can we send message to the bank that we have an additional offer for more money and advise them to reject the original offer by another buyer?

Comment by Amy Martin on March 10, 2012 at 4:17am

Thanks Thom!

Comment by Thom Colby CA Brkr 888-391-5245 on March 10, 2012 at 4:03am

Amy -   Tweet   @BofA_Help with the best time and a phone number to call you.  They will respond in a few hours.  BofA will get the sale postponed - they just need to "check-off all of the boxes" .  I had a similar one recently and it got postponed almost immediately. 

 

Best of luck, don't stress too much...

 

Thom Colby

Comment by Amy Martin on March 10, 2012 at 3:58am

Have a file with BOfA, one loan and investor is Fannie Mae. BofA countered us for a higher purchase price and we agreed to it except for close of escrow date. We have a sale date coming up on March 22. They want us to close on March 20 and told them impossible since we have a VA Buyer. We agreed to close March 20 on the counter so they can issue approval for us and we can amend later. BofA said that they cannot issue an approval letter if we are not sure to close by March 20. It used to be that you can do that and amend after you received your approval and then request for a postponement of sale. But now, BofA is saying that they have new Fannie Guidelines and cannot issue an approval. But what they can do is attempt to postpone the sale date first to issue an approval. I am not comfortable with this, this is too risky. From my experience, Fannie Mae will not postpone without an approval and that is why I have been trying to get the approval letter from BofA. And now, they are asking me to submit a receipt of deposit from escrow and an approval from the buyers lender USAA. I submitted the deposit receipt but the main issue now which makes it impossible for me to submit to BofA is that- USAA can only give us a Pre-Approval Letter until we provide USAA the written approval from BofA. USAA said that's their protocol. And BofA will not accept a Pre-Approval and will not submit my request for postponement without. BofA said that's this is their instruction for requesting a Postponement for Fannie Mae. Help please anyone! Any contacts I can call?

Comment by Alex Miller on March 8, 2012 at 1:08pm

@Wendy I have updated the NEW BofA letter of authorization so the form fields work correctly.  Before if you filled it out on your computer it would automatically enter data where it was not supposed to go.

Letter%20of%20Authorization%20BOFA.pdf

Comment by Janie Howard on March 8, 2012 at 12:02pm

Wendy, absolutely - I could not agree more with you about all of what you say here.  While deficiencies have not been pursued by and large that can all change tomorrow.  I am told that BofA has not sold their loan, however.  Just wanted to hear what others are hearing about it.

• ‹ Previous
• 1
• …
• 102
• 103
• 104
• 105
• 106
• …
• 353
• Next ›
• Page