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?

 

 

Views: 45

Reply to This

Replies to This Discussion

Let them go through things and approve the deal and try to find another offer in the meantime. Reality is, the majority of the time the first buyer is just the "guinea pig buyer" anyway who gets the process started and helps make it a quicker approval time for the next buyer.

If they ask, don't lie, but, if they don't say anything or ask "is the buyer still around", we don't run around telling them!!
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.
Thanks Mike and Angela! Those were my thoughts also!

Angela Alfe said:
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).
Never tell unless they eventually ask for a contract extension...had that happen with Chase. Then I had to kiss and tell. Bank of America will now take the transaction out of the system if you don't respond.

Joshua Jarvis said:
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).

RSS

Forum

Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service