I had a contract on a short sale and all documents had been submitted to the bank. The buyer terminated last week. My thoughts are to not tell the bank immediately, as they are in the process of ordering the BPO. Is that wrong of me not to advise them immediately? Do you think I'll run the risk of ticking the bank off if they realize the sale terminated before they ordered the BPO?
Agreed with Mike. I don't ever tell the bank that a buyer walked until I get a new contract and send it in. Otherwise you may have to start all over because they close the file.
If you needed 3 people to agree then, I do! Bank of America is the only one that we will sometimes tell upfront (Ocwen & Aurora are also on the maybe tell them list).