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Successful Short Sale Closing with BOA

Licensed Real Estate Broker

Lighthouse Point, FL

December 04, 2009

I hear all the horror stories about short sales with BOA but has anyone ACTUALLY closed a short sale with BOA? If so, can you share your story here? Please include details such as original loan amount, ss price accepted, how long it took, deficiency status, was it a fannie/freddie, etc. if you don't have those details, please share your story of a successful short sale closing with BOA anyway. THANKS!!!

Licensed Real Estate Agent

Hopedale, MA

December 04, 2009

I have 2 short sales approved by BOA. That's the good part. The bad part is that they shorted the Toral Seller Closing Costs needed for the seller to close. And the shortage doesn't correlate to any specific numbers on the HUD1. And the shortage is more than the seller can make up.

In both cases I've asked the negotiator to correct/adjust the shortage so that we can close the transaction. When I called on the oldest one, which is short $2600, I was told that the case was closed because the buyer walked (notes on the file). But the buyer didn't walk. I've told the negotiator and customer service that the buyer still wants to buy, the seller wants to sell... everyone wants the deal done but we need $2600 more approved for the seller's closing costs. (Note that included in this is $5,000 in seller concessions to the Buyer for buyer's closing costs and the buyer can't make up the difference.

RaytheRealtor

Licensed Real Estate Broker

Lighthouse Point, FL

December 04, 2009

HI Ray! So neither one closed yet? :-(

Licensed Real Estate Agent

Hopedale, MA

December 04, 2009

Nope... can't close either of them. There's not enough money allotted to the seller's closing costs. :^(. And the negotiators seem to be unresponsive. Very, very frustrating. One I have been working on since last February, negotiating it as an independent loss mitigator. I'm not involved as a Realtor. I have about a gazillion hours into that one. And it's short over $3k.

I started negotiating short sales because saw too many failing where the negotiator did something wrong (or didn't do something right)... Law firms do a sucky job negotiating them (I think they worry too much about their bottom line rather than the best interest of the people.). I wanted to be part of the solution where everybody makes out better than the alternative. But is seems like I'm just spinning my wheels and that the lenders don't have the motivation to prevent the foreclosure.

I'm wondering if the lenders, like BOA, have ever considered certifying certain agents to act as their field negotiators? I work hard to bring the lender the very best deal I can. I should be recognized for this effort and rewarded (compensated) for it. I should be able to submit a short sale package without being beat up for the effort.

I see HUD1's being submitted by law firms where there is so much padding and the fees are so excessive that it's ridiculous! These short sales are really cash cows for law firms! As a field agent, I could better control this, and bring the lender a better deal.

Just a thought!

RaytheRealtor

Licensed Real Estate Broker

Lighthouse Point, FL

December 04, 2009

lol...you're singing to the choir, Ray!!! We hang in there for the homeowners. I started this thread because i have not read a post where someone has actually closed a BOA short sale. Just wondering...

Licensed Real Estate Agent

Hopedale, MA

December 04, 2009

Let me put it this way... I could have closed if I wanted to help pay for the closing! :^) I like helping people but that's going a bit too far. Can't make that up in volume!

RaytheRealtor

Licensed Real Estate Broker

Pleasant Hill, CA

December 04, 2009

I haven't closed one in about a month but I've closed a ton of short sales with B of A (BAC). Now B of A (proper), not so many because of the "collectable debt" language they keep in those letters, many will foreclose to protect themselves. But the Countrywide arm of B of A, I've closed many and have two going thru now.

Licensed Real Estate Agent

Petaluma, CA

December 05, 2009

i have closed quite a few.... ask me numbers... I'd have to go back too far in files, but at least 10 w/BofA whether they were Countrywide at the time, BAC or whatever they choose to name themselves. I've had "easy " ones (what every one's definition of easy... when in the same phrase as a short sale, none are "EASY"), and i've had very difficult ones; some taking as much as 6-8 months. I've personally had my loan mod w/CW/BofA denied TWICE... absolutely no reason given.... and now sending in the paperwork AGAIN.... so is BofA doing them? Yes! are they "easy"? some are better than others. now if I sound a little grey here, I guess I am.... I haven't used the REO Trans site with them yet.

Licensed Real Estate Agent

Danville, CA

December 05, 2009

After six months we are CLOSING escrow on a B of A short sale. I also had B of A refuse to pay for normal sellers closing costs. I switched them to the buyers side and told the buyer he would have to pay them. We funded Thursday of course B of A did not get the signed HUD back for us to close Friday as planned but the did get it backj Friday :) We are set to record on Monday.

Licensed Real Estate Agent

Henderson, NV

December 05, 2009

Hi Christina,

I am currently working 3 different sides in 2 ss with B of A. One I am still negotiating with as both sides agent and offer is cash- they tell me its a good offer and we are just waiting for Fannie Mae the investor to approve. The other I am buyer's agent and thank goodness we have a good listing agent ss asst on the other end with contacts at B of A. We did receive approval for our asking price, we did FHA appraisal and it came back $20k under offer (offer was $330k and came in at $310k here in Vegas). Obviously the 4 months we waited for B of A did not help appraisal! We have been told that, yes, the new amount will be approved, but we have been waiting for that new approval for 3 weeks. The biggest problem right now with doing short sales in Vegas is not getting it approved, but having it come in at appraisal- which up until the last month we were still in a declining market. I have also managed to close a ss with Countrywide, but that was prior to B of A absorbing them.

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