Short Sale - Week 12

This is Part 12 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

Short Sale - Week 7

Short Sale - Week 8

Short Sale - Week 9

Short Sale - Week 10

Short Sale - Week 11

January 27, 2011

• I notify the seller that her closing papers are ready. She asks me to send them to her attorney for review. The attorney approves the documents.

January 28, 2011

• The seller signs her closing paper. She asks me if the bank can still kill the deal. I inform her that it ain't over until it's over.

February 1, 2011

• The buyer signs closing papers and brings the funds needed to close to the escrow company.

Analysis - Days 77 - 83:

This has been a very stressful week for the seller. Even though both buyer and seller have signed their paperwork and all the buyer's closing funds are deposited with the escrow company, the seller is worried that the bank will cancel the deal at the last minute. Bank of America - we know you're listening. So please, if there is some way you can let sellers and buyers know that you will not cancel a transaction on a whim, that would help alleviate their stress. Maybe a document that states you agree to allow the transaction to close unless you suspect specific problems are found (fraud, etc.)?

Hint:

It's been a long, difficult process and your clients may need to hear from you that things are still on track. Don't drop the communications ball at this late stage.