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

[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. 😉

[waterboy]

Although I personally wouldn’t deal with BofA because of their size and typically higher rates, I highly doubt they have been approving loans then pulling them a few days before close.

Perhaps they approved a buyer for a certain amount then the other UW factors didn’t pan out to get final loan approval.

Not that its 100%, but if they can’t show you a pre approval from a new lender in the next day or two, then I would give notice to perform and place BOM

[waterboy]

Although I personally wouldn’t deal with BofA because of their size and typically higher rates, I highly doubt they have been approving loans then pulling them a few days before close.

Perhaps they approved a buyer for a certain amount then the other UW factors didn’t pan out to get final loan approval.

Not that its 100%, but if they can’t show you a pre approval from a new lender in the next day or two, then I would give notice to perform and place BOM

[waterboy]

Although I personally wouldn’t deal with BofA because of their size and typically higher rates, I highly doubt they have been approving loans then pulling them a few days before close.

Perhaps they approved a buyer for a certain amount then the other UW factors didn’t pan out to get final loan approval.

Not that its 100%, but if they can’t show you a pre approval from a new lender in the next day or two, then I would give notice to perform and place BOM

[waterboy]

Although I personally wouldn’t deal with BofA because of their size and typically higher rates, I highly doubt they have been approving loans then pulling them a few days before close.

Perhaps they approved a buyer for a certain amount then the other UW factors didn’t pan out to get final loan approval.

Not that its 100%, but if they can’t show you a pre approval from a new lender in the next day or two, then I would give notice to perform and place BOM

[waterboy]

Although I personally wouldn’t deal with BofA because of their size and typically higher rates, I highly doubt they have been approving loans then pulling them a few days before close.

Perhaps they approved a buyer for a certain amount then the other UW factors didn’t pan out to get final loan approval.

Not that its 100%, but if they can’t show you a pre approval from a new lender in the next day or two, then I would give notice to perform and place BOM

[faterikcartman]

If you let them in, good luck getting them out — or out with your house in the same condition.

x2 on asking for the denial letter. For all you know they had a loan and then asked for lower rates more in line with what is currently available at the lowest level and they just backed out in hopes they’ll get lower rates elsewhere.

I’m no expert on this, but I would get it back on the market and let them know you hope they’re the ones who are able to close on it.

[faterikcartman]

If you let them in, good luck getting them out — or out with your house in the same condition.

x2 on asking for the denial letter. For all you know they had a loan and then asked for lower rates more in line with what is currently available at the lowest level and they just backed out in hopes they’ll get lower rates elsewhere.

I’m no expert on this, but I would get it back on the market and let them know you hope they’re the ones who are able to close on it.

[faterikcartman]

If you let them in, good luck getting them out — or out with your house in the same condition.

x2 on asking for the denial letter. For all you know they had a loan and then asked for lower rates more in line with what is currently available at the lowest level and they just backed out in hopes they’ll get lower rates elsewhere.

I’m no expert on this, but I would get it back on the market and let them know you hope they’re the ones who are able to close on it.

[faterikcartman]

If you let them in, good luck getting them out — or out with your house in the same condition.

x2 on asking for the denial letter. For all you know they had a loan and then asked for lower rates more in line with what is currently available at the lowest level and they just backed out in hopes they’ll get lower rates elsewhere.

I’m no expert on this, but I would get it back on the market and let them know you hope they’re the ones who are able to close on it.

[faterikcartman]

If you let them in, good luck getting them out — or out with your house in the same condition.

x2 on asking for the denial letter. For all you know they had a loan and then asked for lower rates more in line with what is currently available at the lowest level and they just backed out in hopes they’ll get lower rates elsewhere.

I’m no expert on this, but I would get it back on the market and let them know you hope they’re the ones who are able to close on it.

[ucodegen]

[quote permabear]Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over?
[/quote]Do the ‘failure to perform’ route. It makes sure that the ‘T’s are crossed and ‘i’s are dotted. The purchase was a contract that they failed to perform on. If you back out, it could be said that you failed to perform.

Once that is done, relist. If they are able to clear up the funding before anyone else gives you a solid offer, then they can buy it, otherwise go with the next buyer. – treat it as a business deal (which is what it really is). Time is also money in this case, and you are rolling into the RE ‘dead months'(relatively speaking).

[quote permabear]I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one.
[/quote]Shouldn’t be too hard to get another buyer. Allow some flexibility on price. You may not get what the original purchaser was offering, but you also have a time/money issue and probably a carrying cost.

Did you keep a record of other people who offered? You might want to check if they have funding/can complete their offer.

[ucodegen]

[quote permabear]Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over?
[/quote]Do the ‘failure to perform’ route. It makes sure that the ‘T’s are crossed and ‘i’s are dotted. The purchase was a contract that they failed to perform on. If you back out, it could be said that you failed to perform.

Once that is done, relist. If they are able to clear up the funding before anyone else gives you a solid offer, then they can buy it, otherwise go with the next buyer. – treat it as a business deal (which is what it really is). Time is also money in this case, and you are rolling into the RE ‘dead months'(relatively speaking).

[quote permabear]I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one.
[/quote]Shouldn’t be too hard to get another buyer. Allow some flexibility on price. You may not get what the original purchaser was offering, but you also have a time/money issue and probably a carrying cost.

Did you keep a record of other people who offered? You might want to check if they have funding/can complete their offer.

[ucodegen]

[quote permabear]Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over?
[/quote]Do the ‘failure to perform’ route. It makes sure that the ‘T’s are crossed and ‘i’s are dotted. The purchase was a contract that they failed to perform on. If you back out, it could be said that you failed to perform.

Once that is done, relist. If they are able to clear up the funding before anyone else gives you a solid offer, then they can buy it, otherwise go with the next buyer. – treat it as a business deal (which is what it really is). Time is also money in this case, and you are rolling into the RE ‘dead months'(relatively speaking).

[quote permabear]I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one.
[/quote]Shouldn’t be too hard to get another buyer. Allow some flexibility on price. You may not get what the original purchaser was offering, but you also have a time/money issue and probably a carrying cost.

Did you keep a record of other people who offered? You might want to check if they have funding/can complete their offer.

[ucodegen]

[quote permabear]Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over?
[/quote]Do the ‘failure to perform’ route. It makes sure that the ‘T’s are crossed and ‘i’s are dotted. The purchase was a contract that they failed to perform on. If you back out, it could be said that you failed to perform.

Once that is done, relist. If they are able to clear up the funding before anyone else gives you a solid offer, then they can buy it, otherwise go with the next buyer. – treat it as a business deal (which is what it really is). Time is also money in this case, and you are rolling into the RE ‘dead months'(relatively speaking).

[quote permabear]I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one.
[/quote]Shouldn’t be too hard to get another buyer. Allow some flexibility on price. You may not get what the original purchaser was offering, but you also have a time/money issue and probably a carrying cost.

Did you keep a record of other people who offered? You might want to check if they have funding/can complete their offer.

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