Why, because a federal program exists to write down foreclosures but not short sales. Until this law changes all banks will act the same. BTW the law was enacted in 2005.
I am now 8 months pregnant and really wanted to be in our new home before the baby came. Even with this being said, I had come to terms with not making our due date dead line.
We found out today that despite the fact that we had a deposit and a contract in place that our "dream house" had recently gone to foreclosure and was auctioned off. Now the question is were we contacted by anyone at BoA to let us know the situation, no! It obviously took some time and consideration to foreclose on the property, how is it that we find out after it has all taken place?
The kicker is after all of this they would have made at least twice as much money off of us had it not gone to foreclosure! It is scary to think that these are real people, not computer programs, who are choosing to be so heartless...you know who you are and you should be ashamed of yourselves! Its called Karma, and it will come back to get you!
It looks like I was "tricked" into believing that I was just unlucky in my situation, but reading all the responses below, now I know that the BoA responses are most likely corporate-mandated lines of BS. Here are the things i have been told in the past 6 months:
- My paperwork was lost
- The file was given to a new negotiator
- The file was "escalated"
- The file is in the hands of the final negotiator
- They are merely waiting for the signature of approval from the investor
Does any of this sound familiar???? It should -- they're all the same BS lines that were given to all people that have posted on this thread below. It appears to me that BoA management is instructing their short-sale dept to give these responses. Why? I have no clue, to me it makes no sense. But anyway, if you are reading this and you have a short-sale bid in on a BoA property, then good luck, but you may be waiting for awhile longer...
The point is, you need to try for the best but be prepared for the worst. From there, you can make your decision on whether or not this is a process you're willing to put up with.
We, as real estate professionals appreciate when people post their uncomfortable experiences here so we can tell our clients about them. Many buyers think they are going to get a GREAT deal and it's going to be a piece of cake with a short sale/foreclosure. They may get a great deal/they may not, it may work, it may not. It's a matter of where a buyer's comfort level is with the level of risk. If a buyer is comfortable with the high risk/no control of a short sale/foreclosure, that's their choice. But I like them to go in with their eyes open and that's hard to do without being able to show them some stories. Thanks!
Today, I was able to talk to the head guy of the short sale dept. He is the one that assigns the analysts. I have been asked to call back on Friday for an update.
So, hang in there if you think it's worth it to you... It's a waiting game it seems.
It depends on how bad you want the house... if it is really the best and you have to have it, wait it out.