Bank of America and Short Sales

[Breakthecycle2]

Have any of you fine board members have or know someone who has any experience with BOA and the purchase of short sale? What i would like to know is if they are usually quick or slow when seeking an answer to your offer. Thanks!

[Anonymous]

Sllllllllooooooooooowwwwwwww, I submitted my offer on April 27, as of yesterday BOA had submittied general information such has name, birthdate and first  5 numbers of my social. And they asked for this same information exactly two weeks ago. i am completely miserable as this is my first house and the drawn out process is killing me. On the plus side it is working out so that any underwriting issues, I have been able to work them out. on the other side praying some unforseen baddie pops up on my credit report in the meantime is also killing me!

[Breakthecycle2]

Great. Thanks for the info.

[Anonymous]

Today I just closed on a BOFA short sale. We put the offer in on an APPROVED short sale on 4/19 and closed today. It was a miserable process the entire way through and while I am beyond grateful to have our own home it was just horrible froms tart to finish.

[Breakthecycle2]

---

@Anonymous wrote:

Today I just closed on a BOFA short sale. We put the offer in on an APPROVED short sale on 4/19 and closed today. It was a miserable process the entire way through and while I am beyond grateful to have our own home it was just horrible froms tart to finish.

---

Oh man...why was it so bad for you.

[Anonymous]

The listing agent was the problem or at leas tmost of the problem I think. supposedly the short sale was already approved for 165k but the buyer walked because of the time it was taking. the LA listed it as an "approved short sale we can get this done quick! Close in no time" etc etc. We asked him if he could run it by the negotiator or whomever that if we put an offer in for over the 165k would they pay the closing etc,... he came back and said SURE no problem they want this sold before it goes into forclosure. Long story short after tons of lying waiting over promising but under delivering we got the signed contract back saying they will accept 170 for the house with only 1725 in seller concessions. We asked for 7500. The house is pure filth and doesnt have any appliances but we want it so we accepted.  He was sneaky and coniving the entire time through. BOFA put us through torutre switching negotiators abck and forth etc.. I am so happy and grateful it is over and I wish you the best of luck on your purchase! Sit tight and mentally prepare yourself for the LONG haul, think of the awesome deal you are getting on the house. Thats what ended up making it all worth while for us!

[megaton]

BoA moved at a decent pace on mine right up until the end. 

Offer accepted by seller on 3/2

Evaluation scheduled on 4/2

Evaluation done on 4/12

Offer allegedly accepted, should be getting papers within a week 5/20

We never got past that point, listing agent was calling daily but to no avail.  Luckilly we found a forclosure that we loved and our offer was accepted in 2 days.  So I guess in the end BoA helped us out, but did cost us the 8k tax credit. 

We'll gladly take a better deal on a bigger house that we absolutely love over 8k all day long. 

[Breakthecycle2]

How much lower was the sale price to the actual value of the house?

and what is an Evaluator?