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BofA is known for the curve ball when the bank addendum arrives. Besides seller closing help, I've seen the earnest money increased to unrealistic figures, notes sent to the seller, unrealistic dates to remove appraisal contingency........on and on. All of my successful files had a strong, type A agent involved. The agents that are known for being nice, sweet, and easy are getting crushed. I'm not saying you have to have an ass of an agent, but firmness and willingness to get in the mud, helps. One of those successful agents recently claimed the bank was in violation of RESPA and outlined it in an email, stating she was going to the bank's regulatory agent if this wasn't immediately fixed. All the terms were quickly fixed.
Have your agent ask the other agent, since this sale could not qualify for HAFA, do they have to re-enter the file in Equator. If the answer is yes, they are starting back at square 1. It can move fast with the BPO already done. I suspect since you are seeing the bank addendum, it does not have to go back through. However, I've seen it get down to the end, only to be told, "we need to re-enter this in the system" (Equator), this is not what we were originally talking about, the terms (HAFA) have changed. You want that addendum SIGNED before you can relax.
It was re-entered into equator. And we received the written approval this last week. It just did not clearly state on the written approval that they would assist with closing costs. When our broker was looking at the numbers on the approval letter it seemed to her that they were going to assist with 2% instead of 3% that we asked, but no where on there did it actually say we will be giving "this" amount of money for closing costs. So... apparently were still waiting to hear from the sellers agent on what's going on... but nothing back from him yet.
Believe it or not, the valuation isn't the banks fault. That's the 1 thing I can't put on a bank. They hire local agents to do a BPO to determine value. Some agent didn't do a good BPO from the sound of it.
That might be true, but it's still the responsibility of the bank to make sure that the information they're getting is valid. If I had not gone into my pocket to get this deal done, you would have another "zombie home" that no one could move.
The bank isn't completely innocent is all I'm saying.
We are now requesting an extension on the closing date since we have yet to get the whole closing cost situation dealt with. I guess the sellers agent is going back and working with the negotiator to resubmit the counter offer because somewhere between that and the final acceptance letter paperwork got mixed up somewhere and the closing costs "disappeared". Our mortgage broker doesn't think well be able to close by September 15th since we still have not received all the stuff we need from them...
So were crossing our fingers that we wont have to extend again past the sept 29th deadline that we set since the 30th is the cut off for the tax credit.
Well... we got verbal approval that the closing costs will be covered as we asked. So just waiting on the written final approval letter that states that. Still scheduled to close by the 29th. Keeping our fingers crossed that it wont have to be extended any longer.
The sellers agent lagged big time on getting us our disclosures and seems to have been very uncooperative since we got approval. We, as well as our agent, are SO ready to be done with all of this!!!!!
The only good side to this is we have been able to save up a little extra cash and will be able to get all new appliances when me move in. :-)
Our loan is an FHA loan... so we had to have an appraisal done. The appraisal came back low..... but there were errors in the appraisal.
Were hoping that with the errors fixed it will put us at the right price and well be ok to move forward, but if not then we will have to go back to B of A and try to negotiate the price down....
AHHH!!! I'm pretty sure anything that CAN go wrong with this short sale HAS gone wrong.... oh well... trying to stay positive and keeping our fingers crossed we dont need to extend the closing date again...
There were some numbers that didn't add up right or something. I'm not exactly sure. But it did get taken care of. We are still negotiating the price down with B of A. They didn't seem to have a problem with this, but what we ARE having a problem with is still the closing costs situation. Still no written approval with that.... ugh... what a pain.
Still keeping our fingers crossed that we will be able to close in 2 weeks.
I hate to sound like I'm coming down on fellow agents...but I have to be honest here. This sounds like amatuer night at the Apollo.haha Most every delay I'm reading in this thread was preventable by an experienced short sale agent. I mean, really...the sellers agent couldnt determine ahead of time whether their clients were HAFA eligible? What a waste of time. The agent should run the show, not the bank. That may sound cocky, but there is some truth to it. In fact, the latest marketing craze here(by the most experienced SS negotiator in town) is "We will close your short sale in 60 days, or we'll buy it ourselves." And they really are batting about .920 if mls records are to be believed. Good advice...make sure your agents have a strong short sale record before hiring them.
I'd have to agree with this... on our short sale, from offer to closing was about 6 weeks and that was with 2 lein holders. We had a very aggressive lawyer that pushed it through the process with both banks. If the process is taking too long and things are always popping up, you need a better agent/lawyer.
I'd have to agree with this... on our short sale, from offer to closing was about 6 weeks and that was with 2 lein holders. We had a very aggressive lawyer that pushed it through the process with both banks. If the process is taking too long and things are always popping up, you need a better agent/lawyer.
Yes... the sellers agent has been pretty horrible about basically just sitting around waiting for the bank.... but even just simple stuff that shouldn't be that big of a hassle has taken him forever. It took many emails and a couple phone calls to finally get him to get us the disclosures and even then there were a few things missing. his excuse was that he wasn't sure where his client was working from (two different work locations) and wasn't sure if he would be able to get the stuff signed. My agent offered to get in the car and drive to where ever he was to get the stuff signed if needed....
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