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Bank of America Coach Group 46:10 Kevin rejected short sale The longest short sale
http://shortsalepowerhour.com/power-hour/bank-of-america/
Kevin and Coach bring you a nightmare story from the early days of short sale transactions. Kevin and Fred are still dealing with a file from November of 2008! Rejected numerous times, Kevin had to escalate to the investor.
I just got the crush it package!!! HOLY CRAP!!!!!!! I can't believe what they are giving away in it.
- Adam, Arizona Realtor
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I had a BofA deal with exactly the same time frame. Just got it approved and the buyer walked after 15 months wait.
WHY? because the appraisal was not high enough.
Thanks for sharing and letting us know you have the same crap. I still have yet to close a BofA. Almost 100% on other banks.
I’m working on a BOA file now that I began in July 1 of 2009! Almost exact same scenario- Countrywide sold to BOA, had an approval in home saver, then was told I had to resubmit the file again in Equator. I’m on the second round in Equator and the third buyer!!! Hoping to get this thing closed in August, but now the HAFA program is slowing it down.
I almost turned it off. So eerie hearing you describe MY interaction with BofA! I am working on one right now. We are going from an offer of $238k to $210 in a few months because the bank wanted $255! Now I keep getting my supporting documents rejected for the given reason of: “Other” Just found out “Other” means “Seller’s name is not on the HUD.” But the property address is! Does it REALLY matter if the ESTIMATE has the seller’s name on it in the Grand Scheme of things? I am so close to refusing BofA short sales. They are also buyer name specific- meaning they will reconsider another offer, EVEN if it is the same or more net to the bank, if the buyer’s name changes! How frustrating is that!
Can you say longest SSPH video ever?
I go out of town for 3 days and you guys take shots at me and film the longest SSPH video on record – WOW!
Great episode and Kevin and Coach
Thanks Josh!
I have two BofA files that are 2 years or older. On one the buyer wrote an email to the VP of SS at BofA. It got answered and all of a sudden I got a call from the negotiator. She claimed to have submitted for approval 3 1/2 weeks prior but admitted it has just sat on her desk. I feel like these two files have been around longer than my kids! Glad to know its not just me.
I’ve been working on a BOA short sale now since February 2009. I’m on my 3rd buyer and Equator has done a better job than the tons of phone calls before. But, they are countering at $130,000 higher than the offer and asking price. That’s also higher than the last negotiations I did. Thanks so much for these videos as I prepare to call the negotiator directly to dispute the value before I lose yet another buyer on this one.