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thanks, i agree. i am well aware of the terrible job my realtor and the listing agent are doing. enough that if i ever close this i may file a complaint
I don't know if I would buy a short sale from BOA if I was you. I sold my home on a short sale back in Nov. of 2009. I used a realtor and title company to close the deal. I have all the signed paperwork from the bank agreeing to take the offer. We closed. About a month or so goes by and I start getting calls from BOA asking for payments. I say that I have sold them home on a short sale and they say well its not in our records. I call my realtor and he says that all the banks are really behind on their short sale records and its not uncommon. Six months or so go by and really nothing changes I still continue to get the calls from the bank for missing payments. At this point I call the short sale department at BOA and they say that they have all the paperwork but it just didn't go through. I call my realtor and title company and they say that they have the signed letter from BOA releasing any liens to the property. I call the short sale department again and they say that they do have this letter but somehow it didn't get to the right person. I have been trying to get this settled for over a year and a half now. I finally got a lawyer and we looked at the options and he said that probably the fastest way to put this behind me and get my credit back on track would be to file bankruptcy. So I filed on the property. I got my discharge 2 weeks ago. Today my old neighbor said that the family that bought my old house had a guy from BOA show up and try to repossess the house. I have a feeling that this will be going on for them for a while. My neighbor also said that he has been getting weekly drive by bpo's since they purchased it. Just wanted to warn everyone about BOA short sales and to be careful.
wow - sounds to me like you have a nice little lawsuit against and your lawyer. i cannot believe he told you to file for bankruptcy to fix your credit? go find a real lawyer - sounds like you have two people to sue.
sorry for your situation, but sounds like you got some terrible advice.
thanks, i agree. i am well aware of the terrible job my realtor and the listing agent are doing. enough that if i ever close this i may file a complaint
three1oh, I know exactly what our talking about. We put a bid in on a house March 15 and we are still no where. There are two loans with BoA, but I think the issue is with the listing agent and not the bank. I dont think he knows the short sale process. I have a fried that also put a bid on a BoA short sale April 1, and is already in negotiating phase. I have complained to my realtor, and she has been reaching out to the selling agent, but the file is still not really getting anywhere. I am so frustrated and if it weren't for the fact that this is a great deal, I would walk...
I recall Dave Ramsey saying on his program that if he finds out a short sale or foreclosure has BoA involved, he passes on it without a second thought. He buys a lot of real estate property apparently, and feels dealing with BoA is way too much hassle. I suppose with the kind of money he has, he can probably afford to be picky, though.
And I agree that advising someone to file bankruptcy in a situation like that is terrible advice.
I don't know if I would buy a short sale from BOA if I was you. I sold my home on a short sale back in Nov. of 2009. I used a realtor and title company to close the deal. I have all the signed paperwork from the bank agreeing to take the offer. We closed. About a month or so goes by and I start getting calls from BOA asking for payments. I say that I have sold them home on a short sale and they say well its not in our records. I call my realtor and he says that all the banks are really behind on their short sale records and its not uncommon. Six months or so go by and really nothing changes I still continue to get the calls from the bank for missing payments. At this point I call the short sale department at BOA and they say that they have all the paperwork but it just didn't go through. I call my realtor and title company and they say that they have the signed letter from BOA releasing any liens to the property. I call the short sale department again and they say that they do have this letter but somehow it didn't get to the right person. I have been trying to get this settled for over a year and a half now. I finally got a lawyer and we looked at the options and he said that probably the fastest way to put this behind me and get my credit back on track would be to file bankruptcy. So I filed on the property. I got my discharge 2 weeks ago. Today my old neighbor said that the family that bought my old house had a guy from BOA show up and try to repossess the house. I have a feeling that this will be going on for them for a while. My neighbor also said that he has been getting weekly drive by bpo's since they purchased it. Just wanted to warn everyone about BOA short sales and to be careful.
Legal malpractice is unfortunate but it does happen, case in point.
I have listed my home a year and half ago 2012. I have Bank of America *and Webster bank loan . I have for last 6 months been unemployed and had to move seek employment outside state . I am the sole provider - sole owner of my home. I tried to sell and have done all to avoid foreclosure. I have been living off borrowed money to maintain the home and it is in great shape turn key conditions.Like most my home was not selling for asking price due to the collapse in real estate. I have lowered my home to where I now selling for far less than what I bought 10 years ago . I have gone through a dozen of representative from Bank of America before getting the right department and final answers to matter at hand .To my disbelief MOST of these representatives were not familiar with my file nor care to fimliarize themselves before asking same question the last 8-10 reps have already asked .It is in the system and my file already just try to review my file beforehand.... all I ask! The short sale negotiator took 8 months to process for approval and she always looked for reasons to delay! Said she didn't have my file or something was missing or misspelled or dated incorrectly .! Between myself the real estate agent paralegal and *attorney whom all sent over my 30 page file to her direct fax ,it should not be in question she received them.She made every excuse and displayed negligence / incompetence . She gave us a temporary closing dated then postponed it three times because of " incomplete documents"!
I have all email trails and have been cc by all on their transaction and there is no question she had all she needed to conclude this short sale ! I did see the paralegal took three weeks to get the HUD corrected and brought this up *to my attorney ! I understand I am among millions trying to go through mediation process but the banks representative are unclear ,under staffed , inundated ,and evidently lack proper training . It's no wonder I have now found myself in deed of lieu *or foreclosure as the buyer found reason to back out of the contract a week prior to finally getting closing date ?!!My home has depreciated tremendously and I have no time to really find a buyer.the market around me has shown at least 20 homes in my zip for sale foreclose and auction.*
nevada gas and power said unless i had closing docs, i would have to pay it. i am not going to close unless i have an inspection. i cannot have an inspection unless i have util. its a catch 22.
This is very common and the solution is very simple and affordable.
For the electricity, hire an inspector who has a generator. A competent inspector should be prepared for this situation, if they are not, you chose poorly. The inspector hooks the generator up and then has power to perform the inspection.
The same inspector should have access to a water buffalo. If they don't, see above. The hook up the water buffalo to complete the inspection where water is required.
There is no catch 22. If you are working with a REA, and they didn't know this, they too are incompetent and should have known.
So that eliminates the inspection issues. Now you can proceed and upon closing, get the docs over to the utility companies and clear those up.
Another trick you can use for the gas is to request an inspection from the gas company. Often they will come out and check it for you. That is really all you are after, a non-leaking and serviceable gas system.
So there you go. None if this should cost you more than an extra hundred dollars on the inspection (the cost of the water for the water buffalo).
Actually, BofA has changed their short sale processing quite a bit and much for the better. As I maintain, most problems in real estate start and end with incompetent or ill equipped real estate agents. Most problem involve communication and one thing is almost guaranteed, compare the promptness and accuracy of communications from real estate agents on every topic and when it comes to their commissions, you'll notice how suddenly things become very important and timely.
BofA has a lot of programs for short sales including the coop short sale where the seller gets quite a tidy sum (can be tens of thousands of dollars) to help with relocation and moving expenses.
Almost all of problems with a short sale can be avoided or mitigated through the selection of a REA that did more than study for the test over a weekend and then nail up their shingle. It can be difficult but look for the 5%, maybe 10% of real estate agents who actually know what they are doing. The rest are simply a waste of business card printing.
Make sure the REA listing the property has significant experience selling short sales. That means their experience should be more than selling their own house as a short sale (more often than you think). Ask for hard numbers. Ask for references.
A BofA short sale can go smoothly as any conventional sale, it comes down to how well the REA manages the process. When you hear about long times to get things done, that points to a REA not having good relationships in the business. I know, some of the outsourced processors can be a pain to work with but there is always a way. Most REA simply blame the banks for their own lack of skill, persistence and knowledge.
Then, using a buyer agent is a waste of time. The buyer agent can't talk directly with the bank or the processor if the bank uses one. They can only talk to the listing agent. Well, you can do that yourself and probably do a better job.
Actually, BofA has changed their short sale processing quite a bit and much for the better.
Agreed! I'm about to close on a BoA Cooperative Short Sale and if I close on Wednesday as I'm supposed to, it will be less than 3 months from viewing the property to closing. And the seller is getting $10k to sell! Whoa!
If I were buying again, I would definitely jump at a BofA Cooperative Short Sale!
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careful buying short sale from BOA
disappointment with whole grueling process
