Weekly Update on our Bank of America Short Sale Purchase

Today was our scheduled update day. I look forward to it like a prisoner looks forward to their fifteen minutes of sunshine once a week. I obsess about it. I try not to think about it but I do count down the days (hours, minutes) between each update.

Today our update was something to the effect that the file had been reassigned to another negotiator on September 24th. The short sale processing company obtained that negotiator's e-mail address, sent an e-mail to ask for status, and noted that the next follow up date would be October 7th.

Good thing I wasn't holding my breath for that BPO that was supposed to be back on September 22nd, huh? I was bitter like a prisoner whose fifteen minutes of sunshine were rained out.

On top of that, the Suntrust short sale that we are also working on pursuing has been nothing but a joke. Originally I was very optimistic that the listing realtor being the direct point of contact for the short sale negotiation would net much better communication and faster results than using a short sale processing company. Now? Not so much.

So we wrote the offer on the 10th of September. Today is the 30th of September. The listing agent has been unable to meet with his clients to obtain their signatures on all of the addendums that we had going. So do we really have anything?

The listing agent said he submitted a partial package to Suntrust so they would note the file that a short sale was in process and would postpone their foreclosure proceedings. Yes, because short sale lenders love it when you piece meal things to them. They will take a partial package and fully process it just waiting on you to complete the items they needed from the get-go. NOT!

Today's updates on both of the short sales we have going were just a joke. The girls at work were teasing me that I am just a glutton for punishment. I told them that if I let go of our contracts on these short sales then I wouldn't have anything to complain about every day. I can't let you folks down now can I? I mean, you come here for my daily super-dose of sarcasm and pessimism, right? And I can't very well write something that I just don't feel or understand. So I guess in essence I am really doing this to myself in the name of research. For my blog. For you all to benefit from my torture and not make the same mistakes yourself.

Did I tell you about my friend in New Mexico that is short saling her home? Her first lienholder is Bank of America. She told me it took them seven months to approve the short sale. The approval came one day after her buyers cancelled escrow. She was fortunate and found new buyers- I will have to check in with her to see how that is going. I will update you.

And I guess since I blog so much and have so many irons in the fire right now I should mention that the bank owned home that we wrote a contract on yesterday is still up in the air. My realtor did confirm that there are no other offers on it as of right now and that our offer was submitted to the seller (FNMA) but that it would take 3-5 days to hear back and that if any other offers do come in the interim they will also be submitted to the bank.

We are trying not to get our hopes up about it and all, but like one of the girls at work was teasing me- I obtained a copy of the original builder floorplan and have been using colored pencils to sketch in where our furniture will be placed. I'm not hopeful about it or anything.

C'mon back now. More updates as I get them.