Special offer

"Short sale was declined because a new offer was received." Huh?

By
Real Estate Agent with Alain Pinel BRE 01367196

Going 'round and 'round in circles with Bank of America  and Equator system in spite of what they say in their Real Estate Agent Resource Center.

Kept getting rejection notices for the offer and the supporting documents. The rejection message says simply

"Your Offer Supporting Documents are rejected... Reject Reason: Other"

Called the Customer Care ("Care"? HA!) number at 866-880-1232 to ask what the "other" reason for rejection is.

Talked to someone who said the documents were rejected because they were missing the buyer's name. I walk him through each document and the buyer's name is all over the place. Afterwards, he said things look fine, ad that he'll sent them for review.

Then I get another rejection.

"Your Offer Supporting Documents are rejected... Reject Reason: Other"

Called Customer "Care" again. But before I did, uploaded the documents again, with the buyer's name clearly circled and highlighted. This time the person on the other line said the documents are still in review, to please call again in 24 hours.

This goes on 3-4 times. Last time I reached someone, she said the buyer's name is misspelled: where there was supposed to be an "I", an "L" appeared instead.

I asked if they or I can correct that. And I was told NO that they don't have the means to override this mistake to change the spelling, and that they'll have to close the fle and start all over again. WHAT? they don't have the means for a human being to override an automated system?

They closed the file. And hours later, we receive this notice. The "short sale transaction is being declined because a new offer has been received." Does this make sense to anyone?

Comments (9)

Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Pacita: How frustrating for you and your client.

Mar 31, 2011 04:52 PM
Suzanne Taylor
Ultima Real Estate - Corpus Christi - Corpus Christi, TX
Home Sales In Corpus Christi, TX

Pacita,

And some people wonder why so many steer away from short sales.  After months of work, it can all come crashing down for no reason.  Sorry about your situation.

Mar 31, 2011 04:55 PM
Tony Morganti
RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio - Cuyahoga Falls, OH
CRS, ABR, SRES - Cuyahoga Falls, Stow

Hi Pacita - I have done short sales with Bank of America and they are by far the most frustrating to deal with.  I think it must be because they are dealing with such an enormous number of short sales that they simply have not been able to hire and train competent people quick enough.  My advice is to stay the course and you will most likely get it resolved in the end...however long that might be.  Good luck.

Mar 31, 2011 04:55 PM
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Oh man, that is par for the course!  I got the same repeated message with "other" for an entire week.  Unbelievable, nothing about this makes any sense, and unfortunately it's the NORM!

Mar 31, 2011 04:56 PM
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

Ha, ha, ha, ha, ha, ha, babble, babble, babble, babble, snort, snort, snort . . .

That is the sound of me loosing my mind . . . . . .

Mar 31, 2011 05:09 PM
Antonio M. Cardenas Broker Associate
RE eBroker Group - San Leandro, CA. - San Leandro, CA
"The Realtors In Motion"

Not only does this un-human treatment wastes a lot of time for a lot of people, it does not help the recovery of the real estate market. I wonder if I could apply for a job at B of A. Let me take a look at them files! I think those B of A employees have no idea how a real estate transaction is conducted. I admire those who deal with short sales, and you Pacita, are one of the best.

Antonio

Mar 31, 2011 05:44 PM
Peggy Hughes/pha logistix, inc.
pha logistix inc - San Francisco, CA
SF NYC LA

Wow, Pacita... so sorry you have to deal with this kind of nonsense.  And, nonsense, is exactly what it is!

Mar 31, 2011 07:23 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Pacita, Of course it does not make sense. It does not have to make sense … it’s BofA. I recently waited 10 days for an approval letter following verbal approval. The letter came with only one buyer’s name and the close of escrow was wrong. Idiots!

Stop over to my blog and say Hello!

Apr 01, 2011 02:56 AM
Michele Norris
Crystal Realty - Incline Village Nevada - Incline Village, NV
((( Buy or Sell, Call Michele ))) Lake Tahoe NV

Wow, thanks for the heads up! My buyer just made an offer this morning, and we're waiting on the acceptance.  Even though I've reviewed everything in our offer, I'm going to triple check! Sure don't want "Other" on this file!

Did this close yet? Have you talked with the listing Agent?

Apr 04, 2011 01:50 PM