Profile picture for user4476291

What is wrogf with Bank of America when it comes to short sales!

I am the buyer for a Bank of America short sale property. I have been working on this since May. I have been told starting in October that there would be a short sale approval letter issued in a few days since I had accepted their counter offer. Here we are 5 days before Christmas! Waiting on them to approve their own offer. Now I am being told that they sat on the paper work so long that the appraisal has expired. Here we sit everything from our end at the title company waiting to close. I have even had lenders walk away because my rate kept expiring. I am not the homeowner but should have been months ago, I need someone who knows who I can contact at Bank of America...PLEASE!!!!
  • December 20 2012 - US
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Answers (13)

BOA is this huge conglomerate that could care less about the individual.
 In my short sale experience they are terrible. Weeks go by with no word then they demand documents or "this file will be closed".  When it came to the mountain of paperwork they demanded and I supplied I found if answers were needed I seldom spoke with the same person twice. After jumping through the nearly year long hoops with 2 buyers the bank set the date for the closing in 2 weeks and then foreclosed the very next day.  The house came back on the market about 6 months later and $60,000 less than what the best buyer was willing to pay??  This was nearly 2 years ago at this point so maybe they have improved since then but in my mind they were simply going through the motions to collect the insurance money that they themselves took out in case the loan failed. By the way it was the bank and the adjustable rate mortgage my seller had with them that increased her payment by $980  in one month with no recourse!  It was criminal! Needless to say I am not a fan of Bank of America. 
  Your experience will hopefully have a better outcome so keep plugging and keep pushing until the very end. 
 Good luck  
  • December 21 2012
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HI user,  twitter is a big help @BofA_help . they call you almost right away. I had BOA negotiator cancel my file because their value came in higher than the offer. they did not even counter. I was able to talk with the twitter team and get my file initiated. I will say this, Depending on what type of short sale BOA has, if there is more than one mortgage, if the seller had submitted his documents on time, and depending on who is negotiating can all affect the process.  I actually have nothing bad to say about BOA. I am  probably just numb to it all from doing them all the time. It sounds like there is more going on than what you know. BOA short sales by themselves just do not take that long in my experience. 4 months max, but on average we have counter offers within 60-90 days and approval letters 90-120. after your offer is countered though by BOA, you may hear ( the investor is reviewing it). BOA is a servicer for most investors like Fannie Mae. So BOA has guidelines, but ultimately it has to go to Fannie Mae for approval which can take 30 days. Keep in mind any help that is offered can only be sent to the borrower of the mortgage ( home owner) or their authorized 3rd party. I hope this is helpful. Your agent is also welcome to call me if they are having problems. I help many agents, and I have been helped too by others. It's just about getting it done. you are amazing to stay in this transaction this long. I just closed one with GMAC 1st and USAA 2nd mortgage. It took us 11 months because of the back and forth between the two and mostly USAA. they buyer stayed, we got it worked out and it closed. Happy ending for all.
  • December 20 2012
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Profile picture for user4476291
Stuart, the bottom line is the is home is perferct for my family in every way. It is a shame that this property is a hort sale, and we (seller included) have ggone through this. I want results for myself and the seller as they face a huge tax consequence if we do not close this by the end of the year. I feel that we were all mislead. i am sure it will close eventually but it has been a mess!
  • December 20 2012
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Profile picture for StuartSantana
IF the seller's agent is experienced the sale will close...I have never lost a BoA transaction--slow and difficult as SOME have been.

You can always walk away if you feel the time you are spending waiting isn't worth the money you will be saving on the purchase...

Best wishes from So-Cal and good luck
  • December 20 2012
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I think a lot of people are asking the same thing. Take a look at this article from Barrons: http://blogs.barrons.com/stockstowatchtoday/2012/12/19/bank-of-americas-never-ending-mortgage-woes/
I covers how badly BofA is doing in this field.
  • December 20 2012
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Profile picture for craigfial
You should be working with an agent familiar with BAC Short-Sales and who to escallate the file.  There are people at BAC whose only job is to help files that fell through the cracks.
I had a BAC SS approval expire and they would not issue an extension.  After it expired I had to re-initiate the offer and start from scratch.  I found the right people and had a new approval in less than 10 days.
File closed yesterday.

If nobody is following up with BAC, then the file will expire and everything has to start over.
  • December 20 2012
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Profile picture for user4476291
Do some of you work for BofA? Because I am asking for help and it seems like I am being criticized and put on the chopping block. I am just wondering if there is anyone I can go to for help in this situation. To answer one comment, yes I know the seller. The husband became a client where I work after they accepted my offer. I mention that becasue I know the hardship that has fallen on them behind the short sale. I do not speak to them or negotiate anything. I know not to cross that fence. BPO has been done and becasue of the lack of attention to the file it has expired. The house has appraised at a fair market value according to the comps. The sellers agent stated to me that BofA said they would have us a short sale approval letter issued as soon as I signed and agreed to their counter offer.

A short sale addendum has beed signed three times! ANd if they would cater to the needs of their clients they would not recieve such hateful reviews. No one should have to give them any incentive as the business they should take care of their clients.
  • December 20 2012
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You say you know the seller personally. This transaction may not pass the "arms length" test.

Have they asked you to sign that document? Have they had a BPO done and does it approximate fair market value?

  • December 20 2012
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If you had been working with an agent, they would have drafted a short sale addendum stating your offer is void after a certain period.  Without this, B of A has no incentive to give your offer any more attention than the millions of others they deal with daily.
  • December 20 2012
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It sounds like there are no agents involved here and that may be a big issue. Bank negotiators are accustomed to dealing with agents for short sale negotiations. As I stated earlier, an agent representing the seller would be able to escalate the situation. As things stand, you may just have to wait. I know it looks like the bank is not behaving logically but this is typical.
  • December 20 2012
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Profile picture for user4476291

In this case I personally know the seller. bank of america told them months ago that they had everything they needed from them, all they needed was a good faith estimate from me and the short sale approval would be issued. The bank isnt making any money sitting on paper work. Some money is better than nothing at all. This does not justify what they are doing. If they did not want to work with clients doing a short sale then why accept them. You stated Im getting a deal...not hardly. This small discount does not compensats for loosing 7 months of my life. I am asking for help and suggestions if there is nothing I can do then theres nothing, but please dont post comments that are rude or negative I have had enough! 

  • December 20 2012
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Because you are the potential buyer and not the homeowner or the listing agent, BofA will not talk to you.

These kind of delays are not unusual with short sales. I would have hoped that your agent (and hopefully you do have your own agent) would have explained how they work. Assuming that the listing agent is experienced with short sales, he may be able to escalate the situation with the lender. Your agent should be pushing the listing agent top do that.
  • December 20 2012
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Profile picture for Outer Banks N C
Welcome to the wonderful wold of short sales, it's fun isn't it. Banks that are losing money are not happy and they are not eager to give it away. Sometimes the sellers does not even have the requirements to do a short sale and you, as the buyer, might never even know you are in a bottomless pit with no end in sight. Many short sale buyers give up after awhile, but this is what you risk going after that illusive good deal.

tim
  • December 20 2012
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