Wednesday, December 29, 2010

Short Sale - Week 7

This is Part 7 of an on-going series documenting my most recent experience attempting to use Bank of America's Equator system to complete a short sale. You can find earlier posts in this series at:

Short Sale - Week 1

Short Sale - Week 2

Short Sale - Week 3

Short Sale - Week 4

Short Sale - Week 5

Short Sale - Week 6

December 27, 2010
  • I get an email from Equator telling me the property has been rejected from the HAFA program because it is not owner occupied. This is information I gave the HAFA representative when they first suggested it be placed in HAFA. The bottom line - we have lost 2 weeks while they figured this out.
  • I email the new negotiator and ask what's next. He tells me the file is back in review. Once they decide the file is ready, it will be sent to the investor for final approval. This is exactly where we were on December 10!
  • I email the negotiator and ask how long this analysis will take.
  • The negotiator emails me with a counter offer from the investor! The changes are minor. the seller accepts the counter and I communicate the acceptance via Equator.

December 29

  • No word from the investor, so I email the negotiator and ask for an update. He replies that the investor has not gotten back to him regarding the accepted counter.

Analysis - Days 43 - 49:

It was very frustrating for the seller, buyer and me to have lost two weeks while the file sat in the HAFA program. I would not have been so bothered if the file was rejected because of a problem discovered while the file was being analyzed. But the rejection was due to a technical issue that had been disclosed to B of A from day 1! Why it took 2 weeks to toss the file back out is beyond me.

On the other hand, I must commend the negotiator. The day he had the file returned to him was the day we got the investor's counter offer. We're still waiting for a final acceptance from the investor, but it was exciting to finally get a response after so many weeks.


Even when the bank seems to be wasting time with formalities, remain calm and polite. Remember that you need the cooperation of people at the other end of the phone or email to get your final goal - a closed deal!

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