Frustration is such an elementary word, when it comes to dealing with Bank of America short sale! Yes, they have a lovely web-based system that they can hide behind. B of A chooses when you can upload documents and wait for their next lovely response.
Folks, this is real life. There are short sale sellers going through hell and anxious short sale home buyers waiting for your response. It takes Bank of America 24-48 hours just to recognize the fact that the short sale seller has a Realtor ®. That’s ludicrous! Move that BUS!!!
Today, I received an acceptance on a Sacramento Short Sale from IndyMac Mortgage Services where Fannie Mae calls the shots. Today, is September 28, 2010 and the 1st wants the closing date on or BEFORE October 26,2010!.
Update: Today’s update from the 1st replying to my request for extension to close since B of A has not accepted their payoff of $2,700 is:
“This buyer has until 10/26 to get this transaction closed and completed. If their current lender can not get the process done, they need to find another lender who can. If they don’t believe it is possible, then you need to find another buyer.
10/26 is your approved and directed close date from Fannie Mae.
No extensions are available.”
Now, this is impossible but let me tell ya…it’s a pie in the sky! “
There is a 2nd with this Bank of America short sale and those folks are behind with their files. After calling, emailing and speaking with the supervisor of the negotiator from B o f A, I am told there is nothing they can do to help. This file has to wait its turn!!
Did I mention that the short sale home buyer is getting a B of A loan for this property? And B of A could make back everything plus more with the new loan? Did I tell B of A? You bet! Do they care? NOPE! Bank of America doesn’t care.
In the meantime, I’ve contacted the 1st and asked for an extension of the closing but have been told, “This is the approval date given to us by Fannie Mae you will need to try and close by 10/26/10.” Can the short sale buyer start the process of their loan right now? NOPE, not without a full approval!! And we are still waiting for lovely B of A!
Does anyone working at these banks or the government understand real estate???? H – E – L – L – O, anyone home???
Wish I could think of another word besides “frustrated”. By this time you would think all the banks would have their acts together but noooooooooo, not necessarily. Sometimes, we get lucky… and sometimes we end up with this sort of mess from the banks.
No wonder the banks are loosing money…they will loose more if this is the way they handle business. If you are soooo busy with files then hire more people to work them! Ugh
Tomorrow, is another day…
Other Short Sale Articles: