Lucy, Home Buyer in 20170

My offer was accepted on an REO through BOA. I signed addm a week ago and have heard nothing. Now the lstg is gone from BOA website. whats going on?

Asked by Lucy, 20170 Sun Nov 27, 2011

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Glenda Cherry, Agent, Herndon, VA
Sun Nov 27, 2011
It's probably gone from the web site because it's no longer available (because you have a contract on it). But shouldn't you be asking your agent about this?
1 vote
Erik Weissko…, Agent, fairfax, VA
Mon Nov 28, 2011
My colleagues below have sufficiently answered your question..however one thing was not addressed. Your agent is also the agent for the seller..Have you signed a dual agency addendum or are they actually ONLY representing the seller.

Always surprises me when a purchaser will use the sellers agent. If you were getting a divorce..would you use the same attorney as your spouse? My advice would be to ask specifics from the listing agent and see that the proper steps are being taken. My guess is you have no worries other than perhaps a lack of complete representation.

Best of luck!
0 votes
Sonal Goda, Agent, Reston, VA
Sun Nov 27, 2011
Hi Lucy - I'm sure the listing agent will find out more details tomorrow about what is going on at Bank of America. If there is still no answer, the listing agent can escalate the question at BOA. Unfortunately, none of us can tell you more than the listing agent can about your specific situation. It is not the norm, but there are times when it has taken two weeks to get the signed addendum back from a bank.

For REO properties, I have not heard any horror stories about BOA after they accept an offer. I used to list BOA foreclosures myself. I have experienced many horror stories on the short sale side, though, but the two things are handled by completely separate areas at BOA.

My best GUESS is that it is a good sign that it has been removed from the BOA site - implies that BOA considers your offer to be THE offer. And as far as the other websites, the listing agent controls the status in the MLS. So this is also a good sign - apparently the listing agent changed the status so no one else could make an offer on it. So it seems like you have an exclusive on the property at this point. It sounds like it is just a matter of waiting for everyone at BOA to get back from the holiday and sort out what is going on :-)

Good Luck,
0 votes
Walter 'Skip'…, Agent, Brea, CA
Sun Nov 27, 2011
Hi Lucy,
Normaly the banks will only send out the addendum to one buyer. After you sign and send it back, the asset manager will sign and forward to the listing agent and escrow. You should be receiving your escrow package soon. I agree the holiday has added a few days to the process. Best of luck.
0 votes
Alain Picard, Agent, Puyallup, WA
Sun Nov 27, 2011
I would call your agent and ask them what's going on. They should know or be able to find out for you.
0 votes
Jeanne Little, Agent, Vienna, VA
Sun Nov 27, 2011
This is a busy time of year with holidays and vacations and employees being away from their office. The BOA individuals handling your processing may be away and your paperwork is in process but not complete. Tomorrow is a new week, Thanksgiving is over and the process of your transaction will continue. Your agent will probably be in touch with BOA tomorrow and will have all your answers. The fact that the listing is no longer on the site is probably because, they are making room for others to be posted, and your paperwork is past the negotiating stage, and closer to the Closing stage. May you enjoy many years in your new home.
Jeanne Little
0 votes
Lucy, Home Buyer, 20170
Sun Nov 27, 2011
I signed the adendum but never got a signed copy back from BOA. My agent is also the sellers agent and they havent heard anything. I noticed that it wasn't listed on the banks website anymore and also that it is listed as "off market" on trulia and other pages. Im nervous that BOA has backed out and sold to investors or something....I've heard horror stories. Am I just being paranoid?
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Sun Nov 27, 2011
Yes, Glenda is right... your agent will know what is going on or be able to find out. We can only make a reasonable guess.
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