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

[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.

[permabear]

[quote=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]

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.[/quote]

Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.

[permabear]

[quote=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]

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.[/quote]

Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.

[permabear]

[quote=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]

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.[/quote]

Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.

[permabear]

[quote=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]

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.[/quote]

Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.

[permabear]

[quote=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]

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.[/quote]

Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.

[waterboy]

Too bad angelo mozilo isn’t still around

[waterboy]

Too bad angelo mozilo isn’t still around

[waterboy]

Too bad angelo mozilo isn’t still around

[waterboy]

Too bad angelo mozilo isn’t still around

[waterboy]

Too bad angelo mozilo isn’t still around

[briansd1]

[quote=permabear]
Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.[/quote]

I’ve seen too many foreclosures to not don’t draw any conclusion on credit worthiness and wherewithal based on people’s jobs. A nice income statement is fine, but a strong balance sheet is what’s most important.

Plenty of folks with so called “deep pockets” have lost their properties to foreclosure that nothing surprises me anymore.

[briansd1]

[quote=permabear]
Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.[/quote]

I’ve seen too many foreclosures to not don’t draw any conclusion on credit worthiness and wherewithal based on people’s jobs. A nice income statement is fine, but a strong balance sheet is what’s most important.

Plenty of folks with so called “deep pockets” have lost their properties to foreclosure that nothing surprises me anymore.

[briansd1]

[quote=permabear]
Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.[/quote]

I’ve seen too many foreclosures to not don’t draw any conclusion on credit worthiness and wherewithal based on people’s jobs. A nice income statement is fine, but a strong balance sheet is what’s most important.

Plenty of folks with so called “deep pockets” have lost their properties to foreclosure that nothing surprises me anymore.

[briansd1]

[quote=permabear]
Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.[/quote]

I’ve seen too many foreclosures to not don’t draw any conclusion on credit worthiness and wherewithal based on people’s jobs. A nice income statement is fine, but a strong balance sheet is what’s most important.

Plenty of folks with so called “deep pockets” have lost their properties to foreclosure that nothing surprises me anymore.

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