San Diego Housing Market News and Analysis
My sale is getting sketchy - BofA shenanigans - advice needed!
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Submitted by permabear on October 14, 2010 - 4:10pm
I am in the process of selling my primary residence, and just got this from my realtor. I believe everyone is acting in good faith - the buyer made a solid offer, 10% down, and I trust the realtors. HOWEVER, I am also paranoid legally and financially, and fear this could lead to a horrible situation.
Since this is the buyer failing to perform, should I cancel as the seller and relist? Or try to accomodate? Advice needed please.
Sorry to have to deliver this news, but there is going to be a delay in the close of escrow due to Bank of America not honoring their loan commitment. It appears that the delay will be 3-4 weeks while the buyer's mortgage broker arranges for a new loan. Meanwhile, to make things worse, The buyer has rented his condo, has no place to live and must move out. They propose a short term rental of your home ahead of close of escrow.
So, here is what it comes down to:
1. Buyer is asking for an extension of close of escrow date;
We will need to know your exact monthy payment to your lender, so please call me at your earliest convenience to discuss.
Coincidently, this exact same issue is happening to me on another current transaction where I am representing the buyer. Bank of America approved my buyer, than yanked the loan at the last minute, so we are scrambling for financing right now and had to get an extension of close of escrow from the seller. B of A also did this same thing to one of my agents two weeks ago. Suffice it to say, we (and all of our agents) will not be allowing any of our clients to enter into transactions if Bank of America is the lender until further notice. They are an absolute mess right now.
Anyway, please call me when you get a chance and we can discuss in more detail. Thank you.
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