CAVEAT EMPTOR - Lakeland Short Sale buyers and sellers be aware that Bank of America still don't have their act together. A true story and an eye opener for everyone who is involved in Short Sales.
This goes right along with an article I read in my local newspaper about a homeowner being foreclosed on their home despite owning the home free and clear.
Last night I recieved an alarming call from one of my past customers...that's right...alarming...you see we closed on their short sale in October...the closing took place without any hitches...the title company did what they were supposed to and at the end...the buyers moved into the house..commissions checks cut......but there is one problem....
The seller continues to get statements...bills....and phone calls! WHY? Because this closed and funded transaction is still in Bank of America's closing department?
Come on Bank Of America Get Your %#%^ Together!
So far the explanation is that the Negotiator who had this file...no longer works for them...someone dropped the ball but they have never seen anything like this before...and they are not sure what to do......and the seller will just have to be patient.
This hold up...creates stress...the seller can't file their taxes and what they thought was behind them is still in front of them because someone dropped the ball!
The biggest mistake here is that Bank of America is making them jump through hoops, you know the typical where you talk to not one but two customer service clerks...and then shuffled around to various deparments causing frustration...aggravation..and no true answers...
I got the willies...its as if the seller must relive the short sale transaction all over again.
I'm lucky the seller and I have become very good friends and they have a financial background, however someone who might not be so well versed in real estate and mortgages..might very well panic and create havoc. We have taken steps to get his file out of the closing department and hopefully according to Bank of America, their transaction will be closed soon otherwise the seller will have to file an extension on their taxes.
Short sale sellers....BEWARE....
This could happen to you....if you continue to recieve bills, letters and phone calls after your, what you thought was a successful closing....do yourself a favor...follow up...ask questions and make sure your short sale transaction is really closed!
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I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.
I just completed a BofA Short Sale. What a frustrating experience. They changed the negotiator THE DAY BEFORE CLOSING! And the new negotiator didn't have the file yet. Arrgh! But we got it done.
Case closed? No. The next day I got an email from BofA threatening to undo the deal because they didn't receive one piece of paper. One that had been sent to them four times! I faxed it once again, and that seemed to satisfy them . . .
Thanks for sharing. Those that wish to read more should join Short Saie Superstars. Have a special day.
Brutal I feel bad for you, anytime the seller has an issue it most always reflects on the agent even though it is not our fault. I am glad you have a great relationship with them.