Recently I had a Bank of America short sale. I thought it a good idea to make people aware of the process. This property had very few showing when we were marketing. One week before the foreclosure sale activity picked up due to some marketing strategies to increase exspoure.
One offer was received (full price offer) it was faxed to the bank that same night. Followed up with the bank and they had no record of recieving fax , so it was faxed again. Then I followed up the next day and the bank lost that fax too. Then I faxed the document again and then called immeditately and talked to a person who said they would pull it and que it up to get set up. I told that person that it was going to sale within a couple days and need someone to evaluate the case immediately. That person said he would give package to the person that would be handling it immeditately. Having that name I followed up with the person handling the case indicated that she had the information. She indicated that she did not have the information, so I said I will fax it back to her immediately. Then I wrote a e-mail to manager and her outlining my experiece and the processor of finally pulled the case from the foreclosure sale.
The foreclosure sale was placed on hold with the attorney. The processor also asked me to email her the documents that they would not accept via e-mail before. I sent the e-mail and then followed up with processor every other day via phone and e-mail to make sure she had everything. E-mails were not responeded and voice mails were not responded. After 2 weeks of getting no response I contacted a person at another bank to see if they new someone in authority. The person I know sent a e-mail to the contact and I got a call from the processor that I had tried to get hold. It appears that someone had contacted her to address the case. The processor asked me to send the document to her again, which I did, while keeping her on the phone. That same day she order an emergency appriasal to vailidate the value. The appraiser was out to the property two days lattter. After the appraiser did the appraisal I confirmed that it was sent to B of A.
It took me another week to get hold of processor to get deal approved, even though the sale was greater than the appraisal!
When handling a short sale you need to be persistent and know what your doing and deal with the chanlleges set in front of you.
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