Quick Update- East Coast Jenn!

I had to give myself 24 hours before writing this post. I'm not kidding. I can totally understand the perspective of those people who just go postal on a business that they feel has wronged them. I can not explain the rage I fell when I get off the phone after having been d!*%ed around by one of BoA's "service" reps. When I called last night, they told me that our file is STILL in modification. Just to review:
Submitted all paperwork on 8-24
Paperwork sat on fax until 9-9
I called every other day or so until 9-23, when I found out that our file was sent to loan modification "by mistake".
Since then I have called on 9-23, 9-24, 10-1, 10-6, and 10-9. Each time I call, they tell me that they have transferred the file back to short sale. Each time, they have lied.
My realtor sent me another text last night saying that he feels like the buyers might stick with us if we could only give them something to hang on to. I wish I could. My husband decided it would be a good idea to write them a letter. I suggested that they just come read this blog!! Thats all the updates they need! I will include the letter that my husband wrote. It hasnt been proofread yet, so forgive the mistakes. I am just too tired to re-read and proofread it! As Jenn has said before...please dont copy content!

October 9, 2009

Dear Home Buyers:

My wife and I wanted to take some time to give you an update as to where we currently stand with Bank of America regarding the short sale process of the sale of the house. First of all, we wanted to thank you for your interest in our home. We have thoroughly enjoyed living here and will be sad to leave, but due to circumstances beyond our control, it is imperative that we move. We know that you will truly enjoy living in this house!!

As you are well aware, we listed the house well below market value with the intention of pursing a short sale with Bank of America. We had tried unsuccessfully to sell the house at or above market value for six or so months, but due to the economic climate we were unable to sell. Like many homeowners, we have experienced some financial hardships and our options are limited as to how we can remove the debt of our home and minimize the financial damage. The best option for us is to sell the house at market value. The worse option is foreclosure. Because we are in a “buyers market” right now, we elected to purse the short sale process with our Bank of American. This limits the financial loss to BOA and limits the damage done to our finances. Foreclosures costs banks approximately $30,000-50,000 dollars; therefore banks are very open to the short sale process because they can recover the majority of their investment.

The short sale process is extremely buyer friendly because the buyer is almost completely assured of receiving a great deal on the purchase of the house in question. Using this house as an example, you will be receiving, essentially, a 20-25% discount on the purchase of this house. The downside to a short sale is that it requires a little extra measure of patience. Any time a bank is faced with losing money, they try many different “offers” to entice the homeowner to remain in the house (this has been our experience at least). Bank of America has been making “offers” to us over the last 6 weeks, all of which are in an effort to minimize their losses. Because we want to move (and need to), we have declined their “offers” but it has taken an unfortunate amount of time for them to “get the message” that we are not interested in staying in this house. Bank of America is a multi-trillion dollar company which means that they are massive and have many layers which equates to things taking a little more time to get done compared to a local credit union.

With all of that said, we currently know the following:

1. We have transmitted to Bank of America all of the documentation that they have requested thus far.
2. Bank of America has a file set up for our short sale account.
3. They are currently reviewing our file and the documentation contain therein.

If you were to equate it to a 5 step process, we are beginning step 3 which involves a “negotiator” that has been assigned to our short sale account. He will review our account and documentation and will make an initial assessment which will then have to be approved by his superior. That would be step 4. Step 5 will be getting the paperwork generated and move toward a closing date.
I know this has been a frustrating process for you as it has definitely been a trying time for us as well. We are trying to remain patient and truly hope that you will remain patient with us. We are fully committed to seeing this process through until the end.

After all is said and done, you will purchase this house at a great discount and will truly enjoying living in here. We know the long term enjoyment your family will have here will far outweigh the short term process we are going through now.

We stay in contact with the bank at least twice a week to receive any updates they may have. We will continue to push the process through as quickly as we can and will start providing weekly updates through, Brian, our realtor. Should you have any questions, please do not hesitate to pass any questions and we will answer accordingly.

We are looking forward getting this short sale completed and for you to move in!!!

Sincerely,

Travis and Jennifer