SO, last August, we put in the offer on this great house my clients are totally in LOVE with.  Days, weeks, MONTHS drag by; we extend the Short Sale Amendment (TREC promulgated form here in Texas) FOUR (4) times.  FINALLY, two days before the positively, absolutely LAST extension is up, we get a counter.  This is in mid-December.  It is a good counter; we can happily live with it so we quickly write a clean contract with the EXACT terms the counter has come back with, and send it in.  Ok, the holidays, then, 'We'll get back to you in 7-10 business days.' THREE WEEKS AGO.  I just hope they aren't treating the counter like a WHOLE NEW OFFER!!!  I have been bugging the poor listing agent's co-ordinator, and commiserating with her, and ranting about the bank with her, till we are best buds, sort of.  What leverage do we have with these non-commissioned, 9-to-5, uncaring EMPLOYEES who are too big to let fail.  We 'gave' them all that TARP money, and instead of hiring (that might have created jobs) people to take care of the huge pile-up of pre-foreclosures, THEY PAY BONUSES TO THE TOP A-H...s.  GRRR.  Here endeth my rant.

Views: 56

Replies to This Discussion

I will never do another B of A Short Sale - EVER!!!!!!!!!!!!!!!!!!!! They are the worst. I have had 8 in the past year and none of them have gone through. I'm in California and we are a no deficiency state. Basically, they can come after the seller for the deficiency in a short sale, but not in a foreclosure. 90% of banks I've dealt with will put the "Deficiency is Forgiven" clause in their contract for a Short Sale, but not B of A. They say they want to do more Short Sales out here in California, but they won't put the "Forgiven" clause in their contract. For the most part, its safer to let B of A foreclose than to finish the Short Sale - even with the credit implications and all the negative aspects of a foreclosure. Most people out here do not want the banks coming after them for the deficiency up to 5+ years. As far as timeframe - I've had a contract in to B of A on a short sale for 9 months with no response. They also love to lose paperwork and your "Authorization". I've had to refax paperwork to them at least 5 or 6 times in that 8 month period. Also, I don't think I would've written a brand new offer after their counter. You're probably right.....they're treating it like a new offer. I would've just signed the counter if that was an option. Things may be different out there. Good luck with them. I think all B of A transactions should be at 7% commission for all the extra work we have to do. But like I said...... I'll never do one again. I've learned my lesson with B of A.
Amen, sister. The PROBLEM is there are basically only three banks/players in the game: BoA; Wells Fargo (and you don't even want to go there in trying to push a short sale through THEM) and Chase (who is marginally better - which is saying they are only awful). Nearly every short sale goes back to one of these. Heck, I even had a hard time getting a LOAN done by BoA in a timely fashion. New Horror story: My client wanted BoA as the lender, because he had his accounts there. (This was early last year.) We bid on, and won a HUD home. My client had excellent credit, was putting 20% down and was a First Time Homebuyer. As you may know, the HUD timelines are VERY strict. Long story short, even though the Title Co. notified the Loan Processor they had to have the docs 10 days in advance, she sent them out on the 11th day, despite my being on the phone with her, AND her manager. We did save the loan lock (barely), but my client had to come up with a $375 certified check (which, thank goodness was refunded), to extend the contract BECAUSE OF BoA'S IMBECILE, LAZY DO-NOTHING LOAN PROCESSOR. (I'm STILL ticked about it, obviously!)
I've closed a bunch with them, they are just take the longest. Funny thing, is that I started ready the rant without seeing the title, and said to myself "must be Bank of America"!

Of course...
I could tell these were BoA horror stories also without reading the title. I've only had one short sale with them and it fell apart. Partially because the buyer flaked, but he only needed four more stinkin' days to close. Did BoA give us the four days? OF COURSE NOT! I offered to pay the $1100 extension foreclosure extension fee Virginia charges, no dice. The buyer offered to increase the sale price $5000, no dice. The loss mitigation specialist I was working with told me "Tish your efforts are admirable and I can tell you are passionate about what you do...but you're not going to win this one, just give it up". WHAT ABOUT WHAT MY CLIENT WANTS GENIUS! Ugh! If I could have slapped him through the phone...

The house went to foreclosure 30 days later. What made it all worth is that was almost a year ago and my client still lives there LOL.
The final outcome to MY story is that literally 3 days before our DROP-DEAD and GO TO HELL final extension, they came through with the approval. So, on a property that we got a contract on, on the 26th of August, 2009, we closed on on the 27th of MARCH, 2010. If my clients hadn't REALLY loved that house, we'd have walked long since.
Looking for Bofa Horror stories in Texas...florecloused even Short Sale letter has been issued...Thanks
Yup. I've seen that happen too. Ain't banks just great?

RSS

Discussion Forum

Rant about BoA

Started by Gareth McCoy Ellzey. Last reply by Gareth McCoy Ellzey Oct 13, 2010. 7 Replies

Just a question!

Started by Benjamin S. Lehrman Jan 22, 2010. 0 Replies

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service