Lynn: My buyer's agent is my own - not BoA's and is saying to stay patient.
Bruce: I agree - they all have a vested interest in the deal closing even BoA since they have already paid the HOA for back dues. The broker stated the paperwork will need to be redone due to time lapsed. The title company has attempted to contact BoA twice daily - no response same as seller's agent. The seller assigned a power of attorney at the time of closing. I know banks don't typically do that but they put it in the contract. I never closed my side.
Mindy: Absolutely correct. The contract does say "short sale and subject to lender approval." However, I take approval to be approval and I have the document that says they approve the sale. Just not the counteroffer. Which is why the inspection was done. The money was sent to the title company to ensure BoA would get the funds the same day - and I would get the keys the same day as well. I have a Realtor representing my interest. There's no doubt I'll have instant equity in this purchase - probably courtesy of that tax credit. And, of course all the other stuff involved in the market.
Donnie: I despise the idea of an attorney. But thought I'd throw it out to get a response. And, we only get 1000 characters to describe our situation so it doesn't leave us much to expand on.
Ron: Did she send the paperwork? Great question. She did and has email confirmation from the asset manager stating so. I don't think she (asset manager) would deliberately screw things up either. But, if Lynn is correct and she has 5000 properties on her desk I'm probably seen as another case - not a person. With present market conditions, it's probably the nature of the business. And, if she does have 5000 properties on her desk, a vacation is probably sounding pretty good right now. As an auditor, I agree with the suspicious part - until there's documentation to back it up. In fact as an auditor, if I had a penny for every time someone told me there's paperwork "somewhere but i don't have it", I'd probably be a millionaire. And I'm only 32. My Realtor has stated to be patient.
As I stated earlier, my objective was to get some insight or words of wisdom from a group of experts. I've been patient and will continue to be patient. At this point I should - with all this work, my realtor's probably making $1/hour. I'm greatly appreciative of her and I appreciate all the advice and support from you and further insight never hurts. Some of my responses may raise questions since as a buyer, I'm not an expert. But, as a disclaimer the above is my understanding. If anything from above provides clarity to the situation or generates new questions feel free to post a response. Greatly appreciate your time.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
What does their broker say?
What does the title company say?
What does your loan officer say?
They all want it to close as much as you do, so get them on board to help.
One question I have is if the seller is out of the country, how are they going to sign the closing docs? Are they coming back? That may be one of your issues.
Did you ever close your side? That's one strategy we use and our attorneys have suggest we use. After that you probably need to get your own attorney to review the paperwork and start sending demand letters.
Good luck...sounds like a tough one, but you can work through it.
Unfortunately this not unusual with short sales. The general public is informed about the short sale or foreclosure process, for the most part it is a difficult and frustrating process at best.
If you do not have a Realtor than I would suggest contacting the title company for further answers. Short sales can be very frustrating and there is nothing short about them, but in the end you should hopefully have some instant equity in your new home.
Good luck to you,
Mindy Lowry, RE/MAX Heritage
Where is your Agent in all this mess?
Have you contacted the Broker for the Seller's Agent? If you haven't, do so!
I wouldn't accuse anyone of deliberately screwing things up, (fancy legal term), but.....
I wish I had a dollar for every time I've heard that they "lost the paperwork" or "you didn't send the paperwork".
It makes you a little suspicious.
You can contact an Attorney, but I don't think it would accomplish anything.
If the Bank doesn't want to sell you the house......
Talk to her Broker, is all I can suggest.
Good luck and may God bless