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Merry Christmas from the grinch...Bank of America

By AnnaMarie Dalbey

Real Estate Agent with Homestar Real Estate

January 12, 2012 11:33 AM

Well today I sit wondering about the past year and especially the past month in regards to my short sales, listings especially.

During the month of December I had an especially hard sale...one that I mean affected me emothionally and personally. I had a listing for a short sale $120,000.00 to which i had been working hard at and presented to the bank four full price offers, this was bank of America, to which they came back each time saying we want a minimum of $123,000.00...No matter how I sliced it we couldn't put this together. Then the last offer came in at $115,000.00 I told them the market had dipped and comps were at this price, it was cash. Appraisal was done, now I am being told it is awaiting investor approval. In the meantime my clients received a notice of Trustee sale, I called the bank and was told not to worry, only a pre-foreclosure thing. Fast forward thirty days and on foreclosure radar, sure enough, I had a sale date for the next day. I called my negotiator and he said there was nothing he could do that the investor wanted to put it to sale. Mind you, the opening bid was $65,000.00 and the offer on the table was $115,000.00...I was finding it hard to put my head around this. My clients, were freaking not to sale the less, the sale date was 12/22/2011. I asked about the moratorium Bank of America supposibly had along with Fannie Mae from 12/19/2011 to 1/2/2012. No one could help me....I was being sent to every possible dept., and I was escalating the file up the food chain as high as i could. the home was sold for $95,000.00!!!!! Can someone tell me why the bank would accept the offer $20,000.00 less, when we had a buyer ready to go.......????? My clients were given two weeks to move, but now we can't find anything for them to move into and this family of five is separated at three family members home....

I just can't beleive they would do this, oh, did I mention I called the investor, FNMA and they indicated they didn't know about the offer and that BAnk of America, called my clients the day after the sale saying the home wasn't sold... If any out on active rain has something similar i would like to hear about it, because this is the part of real estate i dislike, banks doing dirty things!!!!

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Drew Perkins

Pivot Realty Group, LLC - Fort Wright, KY

Anna,

Short sales are certainly a different animal, and, BoA often makes them even more difficult than they should be.

If a bank is far into the foreclosure process and they calculate that they will recoup more of their projected losses from insurers by foreclosing then they will often do just that. Also, they are often at the mercy of investors and insurers who have the final say.

That said, I have found that banks often don't know what is going on within their own ranks. I have had banks tell me, even multiple times on the same property, that it is going to foreclosure on a specific date when there is no scheduled foreclosure auction. Also, banks consistently and amazingly fail to upload documents to their computer systems, even after multiple submissions from realtors. One thing BoA is particularly bad about is flagging files for review and/or requesting escalations on files only to have those files sit in limbo and having reps and processors unable to explain why such things happen and proving unable to solve the problem.

With specific regard to BoA, they are so screwed up internally that it is often difficult to determine whether they are behaving in an underhanded manner or whether they are stimply that lost. Sometimes BoA will surprise you and act in an efficient, logical manner. Other times, BoA will do things that defy logic and quite simply boggle the mind. They are all over the board.

You are not alone. BoA has driven numerous realtors out of their minds. There is a reason why they are chewed up. Their poor investment choices, disorganization and lack of direction created the problems. And, those variables further aggrivate the short sale process.

Drew

Jan 23, 2012 05:07 AM

AnnaMarie Dalbey

Homestar Real Estate - Hemet, CA

Drew, thanks so much for your comment,you made me feel not so alone. This past week i was at the CRS sellabration and in meeting with agents all over the nation and this was the general consensus. Many have given me the idea to go viral with a rant on utube, others themselves have done so and goten a response.....I beleive that will be my next move....

Jan 27, 2012 04:53 AM

Merry Christmas from the grinch...Bank of America

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AnnaMarie Dalbey

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