Bank of America, I had high hopes for you, but they're waning. After a number of healthy phone calls from BOA employees who have read my blogs, I was reasonably confident that BOA might be the one bank that had the short sale process figured out. I may have been premature in that assessment.
Against my better judgment, I took a short sale. I'm sure this will be my last one, but anyway, it ended up being with Bank of America. Today, the negotiator called while I was driving. When he tried to verify my identity I could only give him every piece of information about the property, borrower and me, but I didn't have the loan number. I was driving after all. He informed me that he couldn't speak with me because I couldn't verify my identity with the loan number.
That seemed a bit odd since he called me (on my cell phone). I answered with the name on the BOA agent acceptance form. I could answer every question except the loan number. That was the end of that call.
Ten minutes later, I was in my office and called the negotiator back. He wasn't available, but I was able to talk to his manager. She was great, but after a long call we weren't any closer to a sale than we were before.
It seems that BOA wants a preliminary HUD in order to accept a contract. No problem. We can do that. The only problem is that there are certain details we can't provide until the bank accepts an offer and gives us a closing date. There are numerous line items that will fluctuate one way or the other based upon the closing dated set by the bank. The bank won't accept the HUD without the numbers, and the numbers can't be created without the bank setting a closing date.
So, here we are again. Round and round and round with no resolution. It makes me wonder how much the bank really wants to close these short sales. This is a full price cash offer with no contingencies, and the buyer can close at any time the bank sets a date. The bank can't set a date until it accepts the offer, and it can't accept the offer with a completed HUD. A HUD can't be completed until the bank gives it's approval for the offer.Bank of America, I had high hopes for you, but they're waning.
Comments (15)Subscribe to CommentsComment