BoA Stalling on a short sale

Asked by InAtlnt, Miami, FL Sat Apr 20, 2013

Weve been trying to close on a house (Short Sale) since OCT 12' BOA has been asking for extension after extension they have just come back and ask for another 45 day extension( no reason given). If I really want this house what are my options. I know waiting is one. I was told the SS process was a trying one but this is about to make me Cry

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Lorraine Car…, , Atlanta, GA
Mon Apr 22, 2013
The last one I participated in was also a nightmare. The agents use the Equator system so one cannot really speak to anyone unless they REALLY escalate and work their way to the top decesion makers Takes a whole lot of time
0 votes
John Juarez, Agent, Fremont, CA
Sat Apr 20, 2013
If the price that you offered in October of 2012 looked like it made sense, that price has got to look very good right now. That price will look even better in 45 more days. If you do not see a down side other that the waste of another 45 days what have you got to lose?
0 votes
Netdragon, Home Buyer, Smyrna, GA
Sat Apr 20, 2013
If you want to buy a short sale fast, be an investor, with plenty of cash on hand.
0 votes
Bruce Ailion, Agent, Marietta, GA
Sat Apr 20, 2013
Hopefully you have a professional short sale negotiator working the process and not the listing agent.

BOA has contracted with the firm Dignified Transition Solutions to process the majority of their short sales. They would be your best bet for getting your transaction completed. In many instances 6-12 months are not unusual for a short sale. At the end of the process, you may get a ridiculous counter offer as the approved price, limitations on closing costs, the refusal to pay condo or HOA association fees that have accrued over 12 month period or prorate the current taxes although the contract accepted by the seller agreed to do so. These outcomes have occurred in about half of the short sales I have completed.

Many buyers do not understand the time frame, and reality that the property may not be deliverable at the contracted price and terms. All short sales regardless how reasonable the offer are only a hope and possibility of purchasing. If the price is far below market, much less likely to be approved.

If you need to buy a house look for one that can be delivered by the seller at the contracted price.

Bruce Ailion,
RE/MAX Greater Atlanta
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0 votes
Bruce, Thank you for your explanation. We have had our short sale approved. But there apparently continues to be these delays. With it being approved can they still do all of the things hoa fees/taxes etc.
Thank you everyone for the information youve provided
Flag Sat Apr 20, 2013
Ron Thomas, Agent, Fresno, CA
Sat Apr 20, 2013
I've often thought that Buyer's Agents should tell their clients that the first time they scream, due to the length of time it take; that they Offer would be cancelled.
We tell Buyers that they have to be patient; but it just doesn't penetrate.
Maybe with the "sword" hanging over the deal, they would realize that we were serious.
0 votes
Ava Anderson, Agent, Snellville, GA
Sat Apr 20, 2013
I agree with all the other responses. You can either wait or move on and if you have the time to wait and you love the house that maybe the best way to go.
0 votes
Fred Yancy, Agent, Woodstock, GA
Sat Apr 20, 2013
You can either accept the extension or not accept the extension and try to find another house. But I gotta tell you, finding another house right now is like finding a needle in a hay stack.
0 votes
Laquita Baez, Agent, Atlanta, GA
Sat Apr 20, 2013
Well, i've been trying to close a short sale with BOA for 1 year and 3 months now......
so when it comes to wanting to "cry" I totally understand! (lol)

Hang in there champ...

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
0 votes
Michael Hamm…, Agent, Suwanee, GA
Sat Apr 20, 2013
Patience and prayer never hurt, InAtlnt. But it might not help either. Good Luck!

Michael Hammond
0 votes
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