Do you recall that I mentioned a BPO had been ordered on the Bank of America short sale and it was supposed to be back on the 22nd of September? And then do you recall that somehow the BPO wasn't back and the file got reassigned to a new negotiator on the 24th of September? And finally, do you remember how I mentioned that the new negotiator had not replied as to the status of the BPO?
Today's update was that the new negotiator ordered the BPO on October 6th. What happened to the one that was ordered and was expected to be returned two weeks prior to that?
Next follow-up date is scheduled for October 15th. Remember me saying that I automatically added thirty days to the date they gave us for delivering any updates?
Well, I must say, today we had enough. After nearly five months of insanity, incompetence, and outright stagnance we asked our realtor to cancel escrow. Can you believe we even held out for five months? I still can't believe it has been close to five months since we started this process. Five months, and still there is no BPO back. No idea if our offer was even going to be accepted by Countrywide/Bank of America because they had no idea what the value of the home was yet.
I do feel bad for the sellers. I know that with their beautiful home (with a basement!) they are not going to have any trouble lining up another buyer again- and hopefully they will find someone that is willing to pay more than we were to compensate for the headache they will have to endure to get the transaction to the finish line. But I do feel bad because with Bank of America they will have to start all over with getting their short sale package back in. I feel bad because, like me, they probably really just want closure to this whole deal. Unfortunately, I can look for closure by trying to buy another house. They won't get closure until the deal actually closes or until the house forecloses. Sad either way.
So as of right now we are still waiting to hear if our offer got accepted on the bank owned home. But, as crazy as I am about having an alternate plan, we are looking at another bank owned home tomorrow morning just in case this one doesn't come through. The one we are looking at tomorrow has been on the market for almost two months with no offers so either there is a dead body in the living room or something is seriously wrong with it. I figure we can likely remedy either of those situations if we absolutely had to so if it means we will finally get an offer accepted we are going to proceed.
Stay tuned. You can't juggle with less than three balls, right?
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I no what you are going through we have been in contract since February and finally got the short sale approval letter last week. Unfortunatly the seller has since filed Bankruptcy the Trustee for the Bankrupty is willing to sell the house through the short sale but BOA is refusing to provide the Documents he needs. He is contemplating sueing them to gets the docs...so back to the waiting game.
ReplyDeleteMy husband and I have a similar situation... we started looking in Aug, once the sale of our current house was final. First SS offer got no response, continued to look. The second house I had my eye on since SS in May, but out of my $ range, made an offer when it went REO, but our current house was a few days from final close of escrow so they rejected our bid. In the meantime I found a month to month rental home (that is also for sale) as a temporary residence. Number 3 was a foreclosed home we bid $15k higher than asking and it went to a cash buyer. So far number 4 is looking OK. It's actually the best house so far, but it is a SS... this is what brought me to your blog, Looking up SS and BPO info.
ReplyDeleteThankfully, the bank is NOT BofA/Countrywide! The listing agent claims this will go a little quicker, being that a small bank is involved. The seller had accepted and signed 9/9, submitted to bank. We were informed on 10/1 that a BPO has been ordered and the negotiator says the offer looks decent. It's been over 2 weeks and I am so trying not to get emotionally attached!! I realize this seems fast compared to your hardship.
One of my work friends just canceled her contract on a BofA short sale that she was barely 2 months into. They decided to find an owner with a traditional sale. They ended up spending less and getting more.
Once we decided now was the time for us to move up in the housing market, we spent a year cleaning, painting and refurbishing our home. I watched the market get lower and lower, we barely broke even with the sale and a nice down payment for the next house. But I thought that was selling going to be the hard part... the hard part was leaving my beautiful home for the crappy rental we're in waiting for all this bs to finalize!!
well, hang in there and thanks for letting me vent!
Cace