Hi folks, Miracles do happen. After many months of phone calls, updating documents and keeping the buyer on track we finally received an approval to close on a Bank of America Short Sale.
Only one small issue........they approved the wrong Buyer and the wrong contract!!!
So, we start over.
I love Short Sales. I really do. There can be no other reason that I would deal with this crap day in and day out.
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Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
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With all of the updates how could that have happened? Hope the buyers hang in there!
I had a glimmer of hope that I would read a BofA success story! My buyer is still waiting (patiently) for approval on a short sale offer from May. Better luck next time.
OK, that would be funny if it weren't so damn pathetic.
Bryant
I'm with Andrea.....it would be hilarious if it wasn't so pathtetic.
Yet another episode of live and learn. It is sad that it has become that insane, but given that they get 35,000 calls per day from consumers asking for loss mitigation, I think it is almost impossible to imagine not making countless mistakes along the way.
Even if they added 10,000 trained employees tomorrow, the onslaught is still too much.
Good Grief Charlie Brown! Makes you really wonder if there is a better way to make a living!
BB: and you love short sales! Now that's just plain sick. LOL I feel for the buyer but they must know how fortunate they are to have you on their side.
I say rename the process "stimulus plan" and make the negotiator civil service employees and the process will improve...nahh, guess not.
I was ready to do my happy dance - I guess I have to save it! We are wrestling with one (thank goodness only one) BofA short sale right now - sigh. ~Rita
I heard of this Realtor complaining that the negotiator she started with Bank Of America over 15 months ago. .has retired and they have assigned to a new negotiator.
She was wondering that if it was proper to send her a retirement gift since they have spent hundreds of hours on the phone. .
I advised her to send her a simple card.
She replied a few days later that she was not sending her a freaking card. . she apparently did not leave good notes and she has to send the whole package again!!!
To top it all. . the buyer waiting for this deal to go trough. . has a new baby since they started and now they need an extra bedroom. .so he wants a release.
Short Sales. . .life wouldn't be the same without them. . . thank you Bank of America for keeping me ACTIVE
Oh yes, I say you love it, why else? Maybe they were testing you? Good luck with the next round!
Bryant - Good news for you....crappy on the screw up contract/buyer. I just got a BOA short sale approved (it took SIX MONTHS). I was so glad....BUT - the buyer is long gone..... So, I get to start all over too. But hey...at least I have an "Approved Price" LOL
Hi BB - It must be contagious. I got approval yesterday on a short sale where Countrywide.BofA holds first and second TDs -- BUT -- that buyer had backed out and we are now submitting a new buyer. Hopefully they will not take long to okay the new contract, since it is just a little bit better than the one they approved. The first contract had been with them since June.
I saw that you posted this sad news on Facebook. I'm sure you didn't do the happy dance until you carefully reviewed the approval letter. I cannot tell you how many times I have wasted my time doing the happy dance and then come to realize that the letter is not what I was expecting. Good ol' B of A; they sure keep you moving and shaking!
Don't you just love BOA. THose guys bring a level of prefessionalism that probably never been seen in the mortgage industry.
BB - Keep your fingers crossed and maybe you will get the approval on the right contract tomorrow.
Bryant, OK I thought I had heard them all, but that is a new one on me. They just keep making the Short Sale Nightmare better and better.
You love Short Sales? O_O You're a sick man. But you need to let Midori know about your B of A approval. I think she's been ranting about them lately. LOL
Oh no! I worked for Countrywide Short Sale years ago and I know that can be quite a delay. I hope things get smoother for you the second time around. Good luck!
It's because of what I read, and the horror stories I hear, that I refer all short sale listings to someone that is knowledgeable.
Bryant, life just doesn't get any better than doing short sales - NOT!
I've done quite a few short sales with great results, approvals within days, not months...until BOA. The first mortgage is with a small local bank. They had their appraisal done 2 days after I received the last of 7 offers and signed off on the sale within 11 days of signing the listing contract! I have a SMALL second with BOA (only $15,000) and I am still waiting for a negotiator after 4 weeks.
Bryant, perhaps it's time to write a screenplay ala the Keystone cops, and substitute in the BofA nonsense! John
BB - Just get your client to legally change his name and you've got the transaction completed! Easier than getting a new buyer approved.
OMG! They approved the wrong buyer and the wrong contract! These guys need some training and some additional staff!
From the desk of David Dee,
BB, BofA is something aren't they? I have one transaction with them that took 5 months to get an approval! If banks work faster on approvals I think everyone would benefit greatly.