Bank of America Short Sales Require More Than Just Waiting Around.

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Pissed off Broker BI have a Short Sale with Bank of America that I have been working on for a very long time. In fact we are on our 4th Buyer. This Buyer has been under contract since August and has been very patient. I won't bore you with the details but just suffice it to say that today was the day I needed to get some answers. So I fired off this email to a whole bunch of people in high places.

To who it may concern,

Bank of America's lack of response to this short sale is disheartening to say the least. My seller has been jumping through hoops for over a year trying to work something out with your bank. We now have the FOURTH buyer that is willing and able to close on this property at market value yet your bank has now closed the file for "Insufficient offer".

The call center states the file was closed on 4 February even though I have emails from X on the 17th of February stating it was still at the Investors. Was she lying? Or just out of the loop? In fact a new BPO was ordered and done on February 5th.

Back in November I had a long email thread with L who had asked the buyer to raise the contract price from $65,000 to $67,500. They did.  She then asked the seller to contribute $2,700 in cash. He agreed. We thought at this time that we were close to getting an approval. 

The transaction went dead until I heard from L on 12-21-09 telling me the file had been switched over to X

At this time I started trying get an update from X. I was told by her on 2-1-10 that the file was with the investor and had been submitted on 1-8-10. I was again told by her on 2-17-10 that it was still with the investor.

On 3-5-10 the call center told me the file was approved by Freddie Mac on 3-3-10 and that I should be getting the letter at any time. I called back in on 3-09-10 and was told the file was closed. Since then I have sent numerous emails to X and a couple of emails to her supervisor and have not received a response from either. I have also left several messages on X's voice mail that have not  been returned.

Today I am filing a complaint with the OCC and the BBB. Of course I'm sure you have a very long list of complaints so one more probably means nothing to you. 

I have been working short sales for several years and understand the frustrations on all sides of the transaction. What I don't understand is the complete lack of communication on this file. If you are not going to approve the short sale then tell us so. Ignoring us is just wasting our time.

I am the co-owner and founder of a network of Short Sale agents throughout the country called www.ShortSaleSuperStars.com  From what I have read on our site, agents and consumers everywhere are pissed off with your complete incompetence. But that's an issue for a media interview and has nothing to do with this email.

So back on topic. What can I do to HELP you get this file approved and off your desk? THE END

I received a response in 15 minutes and should have my approval tomorrow. Life is good. If you are facing foreclsoure please give ma a call. I may be bale to help.

 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

 

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Joseph J. Chang 03/20/2010 10:34 AM
  2. D B 03/20/2010 12:32 PM
  3. Marty and Laurie Gale 05/11/2010 01:46 AM
Topic:
Real Estate Best Practices
Location:
Florida Osceola County Kissimmee Poinciana
Groups:
Realtors®
Real Estate Rookie
Tags:
bank of america
short sale

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Rainmaker
986,543
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

BOA is one of the mega banks that really needs to be broken up into a bunch of smaller banks.  Kind of like what happened to AT&T back in the '80s.  The government has allowed them to get way too big for their britches.  I know several high producers that won't touch a short sale involving BOA or Wells Fargo.  Too much work for too little pay.  

Mar 21, 2010 02:50 AM #96
Rainmaker
97,445
Kathie Burby
Coldwell Banker Mother Lode Real Estate - Sonora, CA
REALTOR, SFR, Tuolumne County Real Estate Guide

Great job! I think (as someone else commented) that the threat of a media interview was enough to get their attention. Good luck on the closing.

Mar 21, 2010 03:10 AM #97
Rainmaker
241,876
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

I'm currently representing a buyer in a BoA short sale transaction and that bank is a nightmare. They are asking the buyer to to pay more than is actually owed on the first and more than what the appraisal came in at.  I fear this is going to fall apart unless someone at the bank gets a clue. Perhaps it's time for a nicely written email like yours!

Mar 21, 2010 03:54 AM #98
Rainer
202,649
Richard Lecinski
Long Realty Company - Oro Valley, AZ

Bank of America has to be the worst when working on a short sale. 3 Months and counting here.

Mar 21, 2010 04:40 AM #99
Rainer
202,649
Richard Lecinski
Long Realty Company - Oro Valley, AZ

Bank of America has to be the worst when working on a short sale. 3 Months and counting here.

Mar 21, 2010 04:40 AM #100
Rainer
202,649
Richard Lecinski
Long Realty Company - Oro Valley, AZ

Bank of America has to be the worst when working on a short sale. 3 Months and counting here.

Mar 21, 2010 04:40 AM #101
Ambassador
1,398,677
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Why does it take such a pissed off detailed letter to make someone sit up and take notice over at Bank of Un-America????

Mar 21, 2010 04:50 AM #102
Rainmaker
513,852
Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

Bank of America got their bailout money.  Why should they care about helping anyone out now?  I have had the same experience with them.

Mar 21, 2010 06:05 AM #103
Ambassador
769,457
The Somers Team
The Somers Team at RE/MAX Access - Philadelphia, PA
Real People. Real Dreams. Real Estate.

Bryant - Woo hoo !!!!  Awesome !!  We have a couple going on for a long long time with BAC as well.  One we are on our 3rd buyer and get similar BS.  Is very frustrating.  Looks like I need to spend more time on shortsalesuperstars !!!

Mar 21, 2010 12:07 PM #104
Rainmaker
1,078,178
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Bryant, congrats on your tenacity (not surprised) and adding a BofA senior negotiator to your arsenal. We just closed a BofA file last week, second buyer, 3 liens and the 3rd was the hold up but we called our Congressman and played the OCC card and got high up in the 3rd lienholder's offices to make it work.

Mar 21, 2010 02:52 PM #105
Rainmaker
361,397
Lynn Pineda
Keller Williams Realty - Coral Springs, FL
Coral Springs REALTOR- Promises Delivered

Bryant, TLW is lucky to have you, isn't she?!  Way to go in never giving up as that's what it takes in a Short Sale, particularly with BOA. 

Mar 21, 2010 03:52 PM #106
Rainmaker
715,386
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Everything I hear about BOA is that they are a nightmare to work with.  When a buyer is interested in a short sale with a mortgage with BOA - I cringe.  I haven't had to deal with short sales, but I will be signing up for training.  It sounds like what you have to offer is far more comprehensive than the standard courses out there.

Mar 21, 2010 04:48 PM #107
Rainmaker
229,781
Nathan Tutas
Tutas Towne Realty, Inc. - Davenport, FL
Your Central Florida Real Estate Expert

I love how you ended the email by asking how you can help them do their jobs. LOL Kill em with kindness...sort of. It's funny how when you light the fire under someone's butt things start getting done.

Mar 23, 2010 12:00 PM #108
Rainmaker
658,295
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

There are many agents who will do everything possible to talk their buyers out of using B of A, because of all the pain they have caused their sellers and themselves with the short sales.  I guess they are so big they can afford to lose a few hundred thousand real estate agents.

Mar 29, 2010 07:58 PM #109
Rainmaker
775,644
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Oh, so you have had some issues with Bank of America?  Welcome to the club.  I guess it's just their normal mode of operation.  To say the least, I am not very happy with them, although my sale did finally go through.

Apr 01, 2010 04:12 PM #110
Anonymous
Cheryl Jones

I have sat here and read through all of these messgaes and I am at a loss for words. I currently work as a supervisor in the short sale depart for BofA. And YES I hat my job. I hate having to get on the phone with these h/o-ers and agents and explain to them that I do not have the authority to submit a say day postpoment for a forclosure or that I have no more contact with their neg. then thy do. My first week of this job had me in tears listening to a home being sold in the background, while the home owner and her children where crying, and I was on the phone with the attorey's office try to get the sale stop. It is hard and some days I leave out that builder in the worst mood. EVERY DAY I attempt to maake some sort of contact with corprate to get some answers from someone. But just like the rest of you, my questions and calls go unanswered.

Apr 10, 2010 07:36 PM #111
Rainmaker
1,141,356
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Cheryl, You have a very difficult job and I truly don't know how you do it. I really appreciate you stopping by and being so open with your thoughts. Thank you.

Apr 14, 2010 12:24 PM #112
Rainer
37,964
Anna Swihart
Long and Foster - Sykesville, MD

What a crazy experience. Good for you, and your buyers, for sticking it out. Thankfully you were able to get through to the bank, and hopefully they learned a lesson.

 

Thank you for sharing,

 

Anna

Apr 20, 2010 10:40 AM #113
Rainmaker
33,644
Susan Zanzonico
Berkshire Hathaway Home Services - Morristown, NJ
Sellers/Buyers Agent, Morristown NJ Real Estate

I have one right now and am playing the waiting game.  My buyer is getting very antsie....would like to first-time tax credit and we are pretty much out of time.  Its only been 3 months....judging by this post, I guess it may take a while longer. This is very frustrating for all in volved in the real estate transaction...especially the buyer.

Apr 26, 2010 12:11 PM #114
Rainmaker
2,989,650
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

 

While B of A used to take forever to process Short Sales, and still take a healthy length of time these days, they are getting infinitely better since Matt Vernon came on the scene early this year.  

 

Jul 12, 2010 11:17 AM #115
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