Well they’ve done it again.  B of A has figured out one more way to stall a deal, and waste the time and money of all parties.  I’m furious.

We have an approved Bank of America short sale that is currently in escrow and scheduled to close on June 20th.  The only condition for final loan approval for the buyers is an IRS form 4506T, which basically just confirms that their tax return has been received and processed.  The buyers have checked with the IRS, and it appears that their 2011 return has not yet been processed so the 4506T probably won’t be issued in time to close on the 20th.

I asked Bank of America for a 10 day extension and was told that they don’t allow extensions on VA short sales and that if we don’t close on time we must start the entire process all over!!  From the very beginning!  This means re-submitting the seller’s financial information, listing agreement, and offer to purchase and then waiting to be assigned a negotiator.  The VA would then order another appraisal and we would again wait for approval. The entire process will take at least 2-3 months.  All of this extra effort and wasted money because they won’t extend our closing date for 10 lousy days!

And of course during this process, there is no guarantee that our buyers won’t get frustrated and just walk away…..how can anyone run a business like this???

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