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gizmo113
Posts: 1
Registered: ‎11-11-2012
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BOA Shortsale Help!

Attempting to purchase a BOA shortsale with USAA as the 2nd mortgage. Shortsale packet went to BOA mid september didnt hear anything until last week when we received arms length documents that we needed to sign. The sellers agent is using a shortsale negotiator. We have come to find that both the sellers agent and our agent really have no clue what they are doing(even though they told us they did at the beginning). We realize how hard usaa is to work with, but i thought BOA had streamlined the process to respond within 30 days to offer? Having a hard time figuring out where we are in the process because our agent is terrible at getting info to us. Do you think it would be out of line if I started contacting the negotiator directly? I would drop my agent in a heartbeat but do not want to start the process from the beginning again. Thanks for the help.

Contributor
nu_investor
Posts: 29
Registered: ‎01-14-2010

Re: BOA Shortsale Help!

What do you mean by "shortsale negotiator" that is used by the seller's agent. By the seller, you mean the owner who is under water, is that correct? Are you saying that the real estate agent for the seller is employing a separate negotiator? For whom is this negotiator trying to get the "best deal", and against whom is he negotiating? Against you or the banks, or all of you? One thing for you to determine is if your agent is in the situation "I don't know when they'll get back to me" or if it is worse, that your agent doesn't understand the documents, the steps, and can't anticipate things for you. Was the USAA side of the short sale pre-approved?
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GreenTeamHV
Posts: 22
Registered: ‎05-01-2013
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Re: BOA Shortsale Help!

Shortsales are tricky business as I am sure you are finding out now. My advice is if your agent is giving you the run around or worse yet, just doesn't get short sales, it may be better to drop and start fresh then be lead by the blind. But make sure you do not owe him commission. Commission is earned through a meeting of the minds, if he is truly incompetent and can't pull the deal through, there was no meeting of minds and you owe him nothing. As far as contacting the negotiation personally I don't see a problem with that, shortsales involve aggressive follow through and persistence in which that shows both. I hope this helped you out and keep in touch about your short sale dilemma.