Hi Folks. If you deal with Short Sales you know they can be very frustrating. And of course Bank of America has always been one of the worse to deal with. At least until Equator.com came along. Now, at least from my experiences, Bank of America Short Sales are becoming much easier. In fact I have closed on two in the last 10 days where I NEVER spoke to a person. The transactions were started on Equator.com and were completed in less than 60 days. All automated. I LOVED it!!
Then....I have this one. My last remaining "old" Bank of America Short Sale that is NOT in the Equator system. I started with Buyer #1 way back in May 2009. Now here we are in May 2010 and we are on Buyer #4. They have been under contract since August 2009!! How's that for hanging in there? Anyway, after battling with Bank of America we finally received an approval in for our Short Sale request in mid-April. All was well with the world.
Fast forward to last week. The Buyer's lender, who also happens to be Bank of America, did their appraisal. It came back 15% below the contract price that was approved by Bank of America on the Short Sale. This price by the way was already increased at bank of America's request based on the BPO that was done for the Short Sale.
So......as the good little Short Sale Broker that I am, I put together my argument and sent it over to Bank of America with the recent appraisal and asked for a price reduction and an extension on the Short Sale approval. Now we wait. My instinct tells me we will get Bank of America to reduce the price and we will get this transaction closed. It's not the first time I've had to fight this exact battle with Bank of America.
Short Sales require persistency. As a Florida Short Sale Broker I just keep pushing until the job is completed. I sure will be happy the day this file is closed and off my desk. Hopefully this will be my last looooong Short Sale. But I doubt it.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved
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Hi Bryant,
As you say, short sales can be frustrating but they do seem to be getting easier. Persistency is definitely the key!
Steve
Now call me silly, but I would think that considering BOA ordered the appraisal.... and it is their short sale... well...
Nevermind...
But since you are the Short Sale Wizard I am sure you will get this one closed.
Your sellers, along with their buyers, are certainly fortunate to have you, BB.
The Equator system is the best thing BofA ever took advantage of. I have never had the same lender on both sides of a short sale but I'm sure you have this one finally close to closing.
So BOA basically decided to take less for the property when they could have received a higher amount. What a crazy system! I would not have the patience for short sales. I give you so much credit.
Yep, you have to keep going, keep negotiating, keep fighting for your sellers. THat is what the short sale niche is about. We just had a group of "short sale expert agents" tell their seller- that they could not get her short sale paperwork in equator and they don't have time to stay on the phone so they told her to call them when she figured out what to do with her short sale!!!!!!!!!!!!!!!!!! She canceled the listing and listed with us. Katerina
BB ~ We've had pretty good luck so far with equator ourselves. Not perfect (of course) but a somewhat improvement. Had 2 recent closings myself, got another in the system now.
Btw, with B/A ss & a new loan with B/A I'm imagine it will work out. I've heard of the same there here that's happened. Good luck!
I was told in a discussion with a higher up BOA executive that loan retention was their goal with Shorts. So if your negotiator doesn't recognize that fact, I am sure you will bring that to their supervisor's attention. Your clients are in great hands! Keep us all posted with the outcome.
Let's see what happens with this one Bryant. Lately, I've seen a few lenders start to get a little more reasonable and quicker in the approval process.
We just closed on a BofA foreclosure.
Used a BofA lender
NEVER again....
My folks were in a hotel for 5 days because the equator system didn't get the Title work done.
I still have a few remaining short sales in B of A (non-Equator). I'll be happy when they close.
God bless you, BB. How you handle these types of deals on a regular basis without your head exploding is beyond me. You, sir, are one awesome dude.
Your patience is inspiring to me! I'm representing my first short sale for my buyer clients. It was entered into equator and after 3 weeks, I was told an appraisal was ordered. Being the control freak that I am, it tests my patience being at the mercy of the listing side and not having access to check on the equator status myself. I'm hoping the all cash offer will speed it up...but...I've always been kind of the PollyAna type! Ha! Thanks for your post!
The two of you are indeed an inspiration! And that you are getting so many short sales closed!