After calling in again this week to get the
approval Bank of America has been sitting on, I
was told once again that “he will call you today”
Unfortunately, it is now too late. The buyer’s
offer on another property in that area has been
accepted at $39,000. In addition, the buyer then
told his agent that it is ridiculous to wait on
this property when the area values continue to
drop right before his eyes while waiting.
Further, he has found two more at the same price,
$40k and has asked his agent to remove his money
from escrow and transfer to the new escrow
account in preparation to offer on the other
Todd, I know you don’t have much time to read
this or much control over what has occurred but I
must say that I am greatly disappointed in your
company’s system and jaded about the process and
principles of Bank of America at this time.
As a short sale negotiator and a first-hand
witness to the horrific one-year ordeal that I
have endured with your company, I am sure you
have experienced this before. It is sad that all
I have gained from this experience is a
paper trail of incompetence on the part of Bank of
America. It is enough to write a short book. I
could literally just print it and publish it.
This transaction has moved from the original all
cash offer of 60K, to 68K (at the unsubstantiated
request of B of A), to 71K (again at the
unsubstantiated request of B of A), and finally
down to 66K (at the substantiated request of the
buyer’s lender… B of A, after the buyer took
out part of his cash to purchase a comparable REO
property in the same neighborhood).
Why do I say unsubstantiated? Because most of
your bank’s “appraisers” are in it for you. The
very same tactics they used several years ago to
get “creative” loans approved they are now using
to get short sales denied or prolonged to the
Yes, I understand that they are working on behalf
of the mortgage holder, as it should be, but they
are not using appropriate methods (they lump
properties without getting the specifics) and
they are self policed (which can be interpreted
as no policing).
When I ask about the methods used at coming to an
appraisal result, the negotiator on the other end
often times does not know how to interpret the
results because the negotiator in New York can
not be expected to know what the market
conditions are from county to county, let alone
state to state (I’m in Sacramento, CA).
The result, a short sale offer/transaction which
began in April of ’08 is ending in February
of ’09 with the buyer walking away and purchasing
two REO properties at the price of one short
sale. Even further, B of A loses four times, they
lose the buyer twice (lost the original offer
where they could have had more money, lost the
last offer where they could have had less but
could have had something), they lose the borrower
as a customer (the mortgage has gone unpaid for
one year), and they will lose again when the
property goes REO due to the costs and losses
incurred with that transition.
Talk about mismanagement of funds and resources.
Actually, there have been all kinds of
misappropriations with this one transaction. I am
left speechless and hopeless for those
individuals yet to come that will succumb to the
same fate with your company.
This is the sad reality that our legislators do
not see, yet they parade themselves and
grandstand on our televisions and radios as if
they are doing America a favor by passing laws
which, by the time they trickle to the general
populace, are way too little, and way too late.
For several weeks (weeks have turned to months)
now I have been told that the file was in a
closing status. For the sake of my personality
type, I will publish this letter in my blog as a
way of attaining some true form of closure.
Keisha M. Mathews, REALTOR®
Century 21 Landmark Network
Short Sale Negotiator/Pre-Foreclosure Specialist
8801 Folsom Blvd #260
Sacramento , CA 95826
(916) 266-4835 office – direct
(916) 405-3886 efax