Sunday, January 16, 2011

Short Sale Week 9

This is Part 9 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

January 10, 2011

  • I contact the closing officer to see if there has been any response from the investor. She tells me the investor says they will review the file today.

January 11, 2011

  • I contact to closing officer again to ask if she has heard from the investor. No response.

January 12, 2011

  • The closing officer tells me that the investor refuses to pay one of the closing costs. She tells me that someone else needs to pay this $10,000 fee, or the investor will cancel the deal!
  • I ask if the investor is willing to lower the price by any amount to compensate the parties for this additional expense. I am told no.
  • I contact the buyer and seller, let them know what is going on, and ask if either of them is willing to pay some or all of this new expense.

Analysis - Days 57 - 63:

It is frustrating to realize the investor is willing to walk away from closing the deal at the last minute. Of course, to them this is just one of thousands of deals, but for the buyer, seller, and agent, this represents months of work. And, of course, this is exactly what the investor is counting on.

Hint:

Prepare your buyer and seller to expect last minute renegotiations that may end up costing the buyer and seller more than initially negotiated.

3 comments:

Anonymous said...

Hi Ida,

On behalf of everyone at Equator, we want to thank you for your very informative and comprehensive blog about your Bank of America short sale experience. We know that short sales can be very frustrating and we commend you for your persistence. We hope that our platform will only continue to make the process easier for you, your seller, the lender and the buyer. Please don’t hesitate to contact us if you need anything or have any questions. Our email erin.saitta@equator.com or pubic.relations@equator.com.

Ida Abelson said...

It's great to know you are reading my blog! I am trying to allow my readers to vicariously live through a short sale. That way, should they decide to get involved in one as either a buyer or seller, they have some idea what to expect. And now that we know Equator employees read the blog, here's a chance for other readers to "speak" to them. Anyone have any comments about the process?

Anonymous said...

Yes, we do read your blog! It is helpful for us to hear what you and your readers think about our Short Sale and REO Workstations. We are always working to make our platforms better for everyone involved. Thanks for posting our reply!