Back in early June, I listed a short sale and received an offer in under 4 hours. We submitted it to the bank. 2 months later, the BPO was done. 2 weeks later, we received approval of the contract via email. We spent the next two weeks trying to get the written approval so the Cash buyer could close, and making sure the foreclosure was being postponed and the auction would not take place on September 6. The Friday beforehand, we had not received word, and we reminded them again that since it was a holiday on Monday, they needed to remove it from foreclosure that Friday...
Tuesday comes, no news. Wednesday, no news. Thursday, the bank says they can't confirm whether or not the property was foreclosed and auctioned. Huh? What do you mean? They own the property, yet they don't even know if they sold it?
Friday, we try for more confirmations... nothing...
Yesterday, first thing Monday morning, I received a call from an Agent/Investor/Buyer that he owns the property and I need to withdraw it from the MLS. I'm sorry, what?
Bank of America couldn't confirm over and over again, and we find out from the Buyer who bought it at Auction that the property was, in fact, foreclosed on. Someone at Bank of American completely dropped the ball!
Since the buyer's agent is out of town, I had the privilege of notifying the buyer... guess who isn't happy... The buyer is closing her BOA accounts, refinancing her house with another lender, and has reported an Ethics complaint to BOA. She is encouraging my seller to do the same. She is livid, as I am. My seller now gets a foreclosure on her credit instead of a short sale. I put 4 months of effort into this, and had them a contract the very first day! It's not like the property sat on the market forever and we were asking for foreclosure postponements.
I even had backup offers!
BOOOOOOO to Bank of America!! Shame on You!! You're a huge part of the reason why you're losing money and having to layoff 30,000 people!! You auctioned the property for pennies compared to what you would have received with this contract. She is a CASH buyer!! Get your process moving along, and you will have more money in your pocket. Just like an unrealistic seller who tries and tries for $x, but the property sits on the market so long, they end up settling for $y, significantly less!
Get with the program, Bank of America! You're a ticking time bomb about to explode! I feel like closing all my accounts too!!
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Copyright© 2011 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Bank of America - Short Sale Horror Story - BOA Screwed Themselves and My Seller * was first published on donnahomesblog.com.