If you think a Bank of America FHA short sale is a nightmarish experience, consider auditing the file. Bank of America negotiators who work with FHA loans slated for short sale routinely audit those HUD files before submitting the file to Quality Assurance. This is where the file gets held up or set aside to rot in a pile of forgotten paperwork. Because I am betting that 9 times out of 10 those files are incomplete or wrong. This is not necessarily the fault of the negotiator at Bank of America as much as it is the fault of the Sacramento short sale agent.
This is like the Eddie Izzard of short sale stories, a Chase Bank short sale in Rancho Cordova. I mention Eddie Izzard because we went to Mondavi to see him last night. He is such a hilarious performer. We were all of 3 people, my husband says, who watched The Riches and felt so grossly disappointed when the show was canceled on FX. It wasn’t fair. Eddie Izzard and Minnie Driver sucked you in, captivated, entertained and then tossed you to the curb like a dead rat they grew tired of torturing. Some short sales are like that, too. Except short sales are not available at Netflix.
I don’t know why they call it walking away in a short sale. When a short sale cancels, the buyer doesn’t always walk. Sometimes, the buyer is kicked out of the short sale, booted to the curb. Sometimes the buyer runs away because the buyer is frightened. Sometimes a buyer just can’t get financing together so the buyer can’t close. But buyers rarely walk. They don’t take a leisurely stroll. They don’t wait patiently with you for a green light like some little old lady who needs help hobbling across the street. They bolt. Like cotton.
Talking to a Green Tree short sale bank negotiator can be like that cartoon about what dogs hear. You know what I’m referring to, right? The human is speaking to the dog, giving a lecture about not jumping on the furniture or perhaps not tracking dirt on its paws into the house, and the caption balloon over the dog’s head is an interpretation of what the dog hears, which is “blah, blah, blah.” This is what it feels like when I talk to a short sale bank negotiator. Words are coming out of the mouth of this Sacramento short sale agent, but they are ignored and must sound like incomprehensible gibberish to the negotiator.
Why can’t Sacramento mortgage lenders close escrow? Almost every single escrow nowadays has some loan delay that causes a Sacramento home buyer not to close. But just because everybody is doing it doesn’t make it right. Why can’t home buyers close escrow? Because their lenders can’t perform. If you’re looking for a mortgage lender to finance a home in Sacramento, I’d say an important question to ask is can they promise — can they guarantee — that you will be able to close escrow in this century? Get a timeframe and hold them accountable. This is the big white elephant in the room that everybody seems to be ignoring — lenders who can’t perform.