My sale is getting sketchy – BofA shenanigans – advice needed!

[briansd1]

[quote=paramount]

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.
[/quote]

I agree.

*

I also don’t see how this is a problem on the part of BofA. They can loan the money or not. That’s their prerogative.

If the buyer barely qualifies for a loan that’s his problem. And now it’s also the seller’s problem.

Sounds like some of us want the banks to have good underwriting but also want the banks to loan out the money easily when we need it. Can’t have both.

[EJ]

Convenient time to look for a new loan with the rates dropping so quickly.

I just closed escrow and thought I locked a great rate a month ago. Would have been nice to extend another month and start over now.

I guess all I needed was good sob story, with some distractions built-in (rent to me please, I have no where to live).

I would play hard-ball if I were you. Issue the notice to perform, put it back on the market and tell them to get a rental (corporate or whatever). With the low rates people’s price ranges have increased. You might get a better offer.

Although I will say for me the loan process was not fast, underwriting took a while and I had to extend escrow myself (but not start over).

[EJ]

Convenient time to look for a new loan with the rates dropping so quickly.

I just closed escrow and thought I locked a great rate a month ago. Would have been nice to extend another month and start over now.

I guess all I needed was good sob story, with some distractions built-in (rent to me please, I have no where to live).

I would play hard-ball if I were you. Issue the notice to perform, put it back on the market and tell them to get a rental (corporate or whatever). With the low rates people’s price ranges have increased. You might get a better offer.

Although I will say for me the loan process was not fast, underwriting took a while and I had to extend escrow myself (but not start over).

[EJ]

Convenient time to look for a new loan with the rates dropping so quickly.

I just closed escrow and thought I locked a great rate a month ago. Would have been nice to extend another month and start over now.

I guess all I needed was good sob story, with some distractions built-in (rent to me please, I have no where to live).

I would play hard-ball if I were you. Issue the notice to perform, put it back on the market and tell them to get a rental (corporate or whatever). With the low rates people’s price ranges have increased. You might get a better offer.

Although I will say for me the loan process was not fast, underwriting took a while and I had to extend escrow myself (but not start over).

[EJ]

Convenient time to look for a new loan with the rates dropping so quickly.

I just closed escrow and thought I locked a great rate a month ago. Would have been nice to extend another month and start over now.

I guess all I needed was good sob story, with some distractions built-in (rent to me please, I have no where to live).

I would play hard-ball if I were you. Issue the notice to perform, put it back on the market and tell them to get a rental (corporate or whatever). With the low rates people’s price ranges have increased. You might get a better offer.

Although I will say for me the loan process was not fast, underwriting took a while and I had to extend escrow myself (but not start over).

[EJ]

Convenient time to look for a new loan with the rates dropping so quickly.

I just closed escrow and thought I locked a great rate a month ago. Would have been nice to extend another month and start over now.

I guess all I needed was good sob story, with some distractions built-in (rent to me please, I have no where to live).

I would play hard-ball if I were you. Issue the notice to perform, put it back on the market and tell them to get a rental (corporate or whatever). With the low rates people’s price ranges have increased. You might get a better offer.

Although I will say for me the loan process was not fast, underwriting took a while and I had to extend escrow myself (but not start over).

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[SD Realtor]

There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag.

The seller is inconvenienced now because of nothing that the seller did. So the seller should get something in exchange for the inconvenience. When a lender denies a loan the seller can request a copy of the denial letter to try to gain some insight as to why the buyer was denied the loan.

I would recommend that the seller does that in this case for a few reasons. First off to make sure that the buyer actually did get DENIED rather then conveniently just getting a loan elswhere. Second, if there was a denial then getting some understanding why is helpful. That way the seller can consult with his agent to discuss the probability of the buyer getting denied again.

As I said, this is a do over meaning the buyer will require the loan contingency timeline all over again.

It really is not that hard to understand.

[briansd1]

[quote=SD Realtor]There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag. [/quote]

Absolutely.

The title of this thread implies BofA did something unethical. I’m all for blaming the banks when they deserve the blame, but not in this case.

The problem all along was too much easy credit to unqualified borrowers.

It’s just funny to me how sellers blame the banks if they can’t sell; and buyers blame the banks if they can’t buy. This problem, however, can be easily fixed with a downward price adjustment. 😉

[briansd1]

[quote=SD Realtor]There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag. [/quote]

Absolutely.

The title of this thread implies BofA did something unethical. I’m all for blaming the banks when they deserve the blame, but not in this case.

The problem all along was too much easy credit to unqualified borrowers.

It’s just funny to me how sellers blame the banks if they can’t sell; and buyers blame the banks if they can’t buy. This problem, however, can be easily fixed with a downward price adjustment. 😉

[briansd1]

[quote=SD Realtor]There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag. [/quote]

Absolutely.

The title of this thread implies BofA did something unethical. I’m all for blaming the banks when they deserve the blame, but not in this case.

The problem all along was too much easy credit to unqualified borrowers.

It’s just funny to me how sellers blame the banks if they can’t sell; and buyers blame the banks if they can’t buy. This problem, however, can be easily fixed with a downward price adjustment. 😉

[briansd1]

[quote=SD Realtor]There is no problem with BofA. The problem is with the buyer or the home. Underwriting guidelines are not soft and squishy. When someone does not get a loan it is never the banks problem. While guidelines vary with lenders when somebody has to do start from scratch that can be a red flag. [/quote]

Absolutely.

The title of this thread implies BofA did something unethical. I’m all for blaming the banks when they deserve the blame, but not in this case.

The problem all along was too much easy credit to unqualified borrowers.

It’s just funny to me how sellers blame the banks if they can’t sell; and buyers blame the banks if they can’t buy. This problem, however, can be easily fixed with a downward price adjustment. 😉

[Author]

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