Update about the short sale question

Clueless Chic
Both Buyer and Seller
93063

Thanks to all who have responded to my question about opened escrow on short sale home but no letter even after 40days. We did use an independent inspector of our choice. The house is in Big Sky and is built in 2006 and it checked out fine. The appraisal was also done 20 days back by an our lender (our choice) not the agent's recomendation. We have been regularly in touch with our agent and he keeps telling us that he is after Countrywide and the letter should come through, but after all these days we are begining to get worried. This is a great forum and I am learning a valuable lesson. The termite inspection was done by the seller and came out clean.

Answers (3)
Tim Mallon & As...
Agent
Simi Valley, CA

SimiLady,

Sorry about your situation. Unfortunately, this can be common place when working with BOA. I would tell the listing agent it's time to "Escalate the File." Hopefully he knows what that means. This is a term the lender and negotiators are very fimiliar with. It means you need to start going higher up to get results. Negotiators will move the file to the next up in command and keep going until results happen. Escalation needs to be done in writing and state the reasons why. The listing agent should have it delivered overnight and then call to make sure it was received. My experience with BOA is a negotiator only has 30 days to close a file or it gets reassigned. It might be the case on your file and that could be the reason for the delay. Best of luck to you.

Web Reference: http://timmallon.com
Wed Aug 5 2009, 13:37
Paul A.
Broker
Northridge, CA

One thing you can do is go to a real estate attorney and have them write a letter to the bank. This has been shown to be very helpful in putting your file to the top of the list. If you need a referral for a solid real estate attorney, you can reach me at http://www.PaulAragon.com

Tue Apr 21 2009, 13:13
Homa Moaddel
Agent
Foothill Ranch, CA
FIRST ANSWER

Hi Similady,

I closed a shortsale on January with Country wide. They are very very slow in doing anything. Any change will take 4 weeks for them to respond. Your agent should ask the listing agent for the contact names and phone number for the bank. If they both call the person in charge of your file and put pressure on them they may move faster.

Remember not all listing agent allow the buyer agent that option. Some wants to hold and control the bank contact side to themselves.

Good luck,

Homa
Prudential

Tue Apr 21 2009, 09:39

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