I'm currently working on a short sale with Titanium Solutions as the negotiator and Countrywide/BOA as the lender. I submitted an offer which was denied by Countrywide/BOA and in the meantime received a higher offer. I submitted to my contact at Titanium Solutions, he advised each offer requires the entire process to start over. Titanium Solutions is now asking for all the short sale information updated and resubmitted for review. This short sale has been dragging on for a couple months now and seems like we are back at square one. I'm a former loss mitigator and this process is totally backwards; I wanted to get some input if this situation has occurred with anyone else. ThanksJeff Robinson
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So far, everything you have been told is accurate. I also agree with the previous post from Joy and Andrew. BofA is notorious for being difficult and it sounds they are living up to thier reputation.
I have been working in Short Sale negotiations for almost a year now and a lot of these large services are just completely lost. BOA/CWHL can amaziningly keep things contracts in thier system for over 6 months and not make a final decision and every month ask for updated material from the seller or close the file. WaMu has had a history of just losing files. So everything Titanium is saying is accurate which is very unfortunate. The other problwm right not is that they are in complete vioation of the Obama Foreclosure Alternative Prevention asks where they are asking agents to accept a 4% commission which is not standard or customary. Hopefully that will improve as they merge.
Hi Jeff~
I have been told the same thing by BOA/CWHL directly...if the first buyer walks or if the first offer gets denied...you start all over again. I agree that it makes absolutely no sense for anyone, including them, as they are adding to their own workload. You have to wonder, is it really idiocy and incompetency or are they purposely setting up road blocks because public and governmental pressure is forcing them to, at least pretend to, consider short payoffs when they would really do better financially if they foreclosed. Any thoughts out there?
Replies
So far, everything you have been told is accurate. I also agree with the previous post from Joy and Andrew. BofA is notorious for being difficult and it sounds they are living up to thier reputation.
I have been working in Short Sale negotiations for almost a year now and a lot of these large services are just completely lost. BOA/CWHL can amaziningly keep things contracts in thier system for over 6 months and not make a final decision and every month ask for updated material from the seller or close the file. WaMu has had a history of just losing files. So everything Titanium is saying is accurate which is very unfortunate. The other problwm right not is that they are in complete vioation of the Obama Foreclosure Alternative Prevention asks where they are asking agents to accept a 4% commission which is not standard or customary. Hopefully that will improve as they merge.
I have been told the same thing by BOA/CWHL directly...if the first buyer walks or if the first offer gets denied...you start all over again. I agree that it makes absolutely no sense for anyone, including them, as they are adding to their own workload. You have to wonder, is it really idiocy and incompetency or are they purposely setting up road blocks because public and governmental pressure is forcing them to, at least pretend to, consider short payoffs when they would really do better financially if they foreclosed. Any thoughts out there?