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Tale of my short sale with BOA :)

By
Real Estate Agent with Ayre/Rhinehart Realtors (Midland County, Bay County,Saginaw County, Mi.) 6205126267

This is an update on my dealings with BOA - first off I have had this short sale for over 2 years, lots of offers and everytime it changes a different bank, so now I'm with BOA for about 9 months to 1 year.  I have sent in many offers and get no one to call me back,  I finally have a guy who I will give credit to seems to be trying.  

I sent in an offer on 12/5/10 he sent it to HUD/tribal in Washington D.C.  they want these forms which the BOA guy has no idea what they are and he is telling me to get them from the title company, they don't know what they are so I ask what they are again,  he says call the indian tribe ???? so I do and they haven't a clue,  I give him the Nice Lady at the tribes phone number and say you call her because she has no idea what your talking about,  seems like the HUD/tribal wants to know if the house sits on Indian Land ?  Does Fee Simple mean anything to them, in the middle of a small city ?  

Well yesterday, I get an email from him and he says that the offer of $102700 with 2% back is accepted,  I said those people walked in November when they got frustrated after 6 months. I said I sent you another offer for $74600 and you haven't responded to it from 3 weeks ago,  he can't find this offer,  then after about 6 hours he says he found it and they are rejecting it.  

So I present this new offer,  he wants it cleaned up on Monday and will present it to HUD because they have to make the decision with it being a TRIBAL loan.   

Oh my,  I have so much invsted in this house in time that I want to make something !   Any suggestions would be appreciated !   

Posted by

Jane A. Heiss-Armitage

Associate Broker, GRI,CRS,E-PRO,ABR

Ayre/Rhinehart Realtors

4809 Jefferson Avenue

Midland, Michigan 48640

989-698-1207 Direct Line

989-698-1267 Fax

 

 

Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI Real Adventures

It can be very frustrating I am going through the same type of thing with B of A.  They are making me just want to not do short sales anymore if I can help it

Feb 12, 2011 01:08 AM
Jane Heiss-Armitage
Ayre/Rhinehart Realtors (Midland County, Bay County,Saginaw County, Mi.) - Midland, MI
Selling Homes in the Great Lakes Bay Region

Bob,  I know what you mean,  it's like dumb and dumber !  They also told me I can't be on both sides of the Transaction,  I have to have someone else in the office do it. 

Feb 12, 2011 01:13 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Jane, you are a saint!  Over two years??!!  I would have walked away from this one.  My advice is never double-end a short sale because you will be doing double work for only one side of the commission.  That's just the way it is.  ALL banks are like this.  Also, liability is higher on a short sale when you double-end.  Just my advice.  Also, I employ a negotiator when working Bank of America short sales.  I won't negotiate with them directly.  It's worth the fee to pay out to have this done because as you've experienced, they are IDIOTS.

Feb 12, 2011 01:35 AM
Jane Heiss-Armitage
Ayre/Rhinehart Realtors (Midland County, Bay County,Saginaw County, Mi.) - Midland, MI
Selling Homes in the Great Lakes Bay Region

Pamela,  thank you for the information,  I am going to pick someone at my office to represent my buyer to make sure everything goes okay.  I should have gotten a negotiator when this started but couldn't find one when this whole mess started.  Thank you for the info.  

Feb 13, 2011 12:54 AM