If you read my blog a few days ago you will know that the BPO was expected to be in on Tuesday or Wednesday. Today is now Friday.
Would you be surprised to hear that the BPO was not in on Tuesday or Wednesday? It didn't surprise me in the least. As a matter of fact, although they told us the value should be coming in this week and they would be reviewing the numbers I actually added 30 days to that as a buffer.
Let the clock begin ticking. We are now 2-3 days past their original estimate. The next follow up date is not until Tuesday. Which would put us at 6-7 days past their original estimate. See how quickly I will be able to eat up that 30 day cushion without anything actually happening?
I hate that the carrot dangles in front of us- like we are almost getting somewhere- and then it moves on. We have been in process for four months. Four.Months. fourmonths. We tend to go 30-45 day stretches where there is no news, nothing to indicate that our file is even still in process. Then they throw us one tiny morsel of an update and we get all excited and think we are moving somewhere.
Ha! Where is the candid camera? We aren't getting anywhere! It's just a figment of our imagination.
On a side note- stay tuned! Bookmark this blog and come back often. Possibly coming soon: a co-author that will give their perspective on a Bank of America short sale from a seller's point of view! The rare, elusive, seller's experience with a short sale. Are you excited? I know I am!
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Wow! You are so correct. I have 11 short sales working for clients right now with BOA. I feel your pain. I think if they pay these poor people who answer the phone, like they pay loan officers at other banks, we could see a turn around. I write them weekly and ask for help.
ReplyDeleteI'm so sorry you are having a bad experience with them as well.
Hi -
ReplyDeleteI stumbled onto your blog while searching for information about BoA short sales. We offered on June 30th, accepted July 1st, and now BoA has had the file since. Our realtor calls 2-3x a week, and last I heard we were in phase II with a BPO done and appraisal ordered (maybe done), and they said "30 days to close would not be an unreasonable expectation". Somehow I find this hard to believe considering how ridiculous this has been.
I don't even care if it happens in 30 days, but it has to happen before Nov 30th because my husband and I are first time homebuyers. I will be livid if we don't close by then. We're looking at other homes, but I haven't found anything I liked that was worth putting on offer on.
In our favor, the seller is also a realtor, and is using our realtor as his agent. He has been in default for a while, auction date was last week but BoA postponed it, has no other lienholders except BoA in first position, and is not accepting other offers on the property. We'll just see about this!! It is so frustrating - I feel your pain. I can't imagine how tough it would be with kids displaced and living in limbo, also.
Here is another story with Countrywide/Bank of America short sale. We have been dealing with these incompetent employees from Chandler, AZ office for 7 months now. After many month of heavy lifting on our part as a buyer, the deal finally got approved. The seller agreed to sign promissory note, I (buyer) raised the purchase price to meet bank's requirement we finally got an approval. Again within day I got the bank to underwrite the deal and we issued the final HUD to Bank of America for a final approval. Day of closing, no approval and no response from these people at all. We called and left many messages, emails, etc. Moved closing to another day after hearing back that the seller needs to sign promissory note in advance. Fine, we asked them so send us the promissory note to be executed. Two days later and another closing date, no answer from these idiots. No response whats so ever. We finally closed in escrow, meaning that the deal will get voided if we don't provide a signed promissory note. The seller is more than willing but the problem again in Countrywide's incompetence. They need to provide the promissory note for the seller to sign. I have never ever in my life experienced anything similar to this. I hope they all get fired!
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