# Don't count your chickens before the eggs hatch...



## harvey4804 (Jan 21, 2011)

On November 19th my wife and I submitted an offer on a short-sale. Up until yesterday everything was moving very smoothly and looked very promising. Long story short, earlier today (12 weeks after we submitted an offer) our agent informed us that the bank (B of A) did not approve the short-sale. Now, how does this relate to woodworking you might ask… Well on Monday I received my G1023RLW along with a mobile base and other accessories and I was planning on setting up shop in my new garage within the next week or two. And now I have no place for it to call home. My saw is currently being stored at work which is no big deal since I work for my father-in-law. I really wanted to get everything set up and start some projects that my wife and I have wanted to do. Now its back to square one…. yea.


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## FatherHooligan (Mar 27, 2008)

Very frustrating! I hope you get a place soon.


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## SCOTSMAN (Aug 1, 2008)

My son Alistair is set to buy two properties for renting and one for himself for living this is a nervous time hoping you pick the right property.sorry to hear of your dissapointmentAlistair


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## GaryK (Jun 25, 2007)

Bummer!


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## ChrisForthofer (Jan 1, 2010)

Short sales can be frustrating, I attempted one when buying my first home and mine met the same fate yours did. Hang in there and good luck with your search.

Chris.


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## D1st (Jan 28, 2010)

Keep your head up and stay focused on the task and you will achieve.


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## JonathanG (Jan 18, 2010)

Short sales are certainly trying on the patience since you typically have to wait so long to find out if you will get it or not. Sorry to hear this one didn't work out for you. Hopefully you're not in a hurry, other than to set up shop. The wait can be worth it in equity, but you pay for it with the waiting. Unfortunately, it seems that everything in life has a price.

Hang in there. This one wasn't meant to be, for some reason. You'll find the right one. Keep us posted.


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## Pop (Aug 6, 2007)

I'm NOT a fan of B of A and I live at their home base.

Pop


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## childress (Sep 14, 2008)

Been there, done that. We were actually in escrow on a house through BofA. Supposedly everything was moving along fine. Weeks and weeks went by, we kept providing needed documents, 2 sometimes 3 times. I went out and bought granite slabs for the kitchen and then…."sorry, you no longer qualify".

B of A SUCKS! Stay away from them at all costs!


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## redryder (Nov 28, 2009)

Ditto, I am sure this could get out of hand with regards to how Bank of America treats people. My wife and I could not get our money out fast enough a few years ago. We went to a credit union and our financial worries have dropped off immensely.


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## Vrtigo1 (Mar 18, 2010)

Bummer. I think all lenders are brain dead, though. When I bought my house, I went through the same thing with a conventional mortgage as far as sending things to them 2 and 3 times. They expect you to drop everything and get stuff to them yesterday, then take a week or two to do anything with it. I get the feeling that the "experts" they have working your loan are just people that have gone through a week or two of training before being turned loose upon customers.

But, yeah, my sister just bought a house that was a short sale and I think start to finish the process took about 8 months. You can get good deals, but from what I gather it's not the best choice if you're in a hurry.


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## TopamaxSurvivor (May 2, 2008)

How do you "short sale" a house? You're not selling it, then buying one to cover the short are you?


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## JonathanG (Jan 18, 2010)

You buy the house at a discounted price that the bank agrees to take. It is a step that can happen instead of foreclosure, which theoretically, is saving the bank the hassle and expense of going through the foreclosure, not to mention, holding the house on their books.

It's not like shorting a stock.


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## harvey4804 (Jan 21, 2011)

Another note: On 2/3/11 the bank informed us that they would accept our offer but they wanted to close on 2/9/11 (yes- 4 working days later) since I'm going for a VA loan theres NO way that would ever be possible! We countered back just to change the closing date to March. After they got that counter they informed us that they would not approve the home as a short sale due to the homeowners had no loss of income. How do they counter our offer then deny the short sale?!? So now they are pushing the foreclosure to March, which is when we wanted to close to begin with. B of A BLOWS my mind!!!!

Anyway, On a good note I finally got a chance to open up my G1023RLW and check for any missing parts/damage/etc. The boxes that it was shipped in was banded to a pallet and the box had no reportable damage and everything looked like it was in excellent condition! However, the box that the Shop Fox fence came in was damaged (probably from the factory considering the packaging tape that was used to patch a hole/dent in the box. Thankfully nothing inside the box was damaged/scratched or even scuffed. All in all, Im happy nothing was injured or harmed during delivery! All I need now is a house to set up shop!!!!


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## jterry (Aug 29, 2010)

Don't give up on the short sale. My understanding is they often go just as you are saying. If you can take the frustrations, you will end up the the house and a deal you can live with. Hang in there.


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## rivergirl (Aug 18, 2010)

If this one doesn't work out then it wasn't meant to.  Get a better bank and keep looking. You will find a place for your stuff.


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## harvey4804 (Jan 21, 2011)

Rivergirl, 
its funny, thats what my wife says too… this was our 3rd bank owned house we put an offer in on. the first house we didn't get because a cash offer that was 20K above the asking price. the second house, we were the only offer… but I guess another offer got submitted at the same time. they trashed our offer and went with the cash offer that was 67K BELOW OUR OFFER!!!! Our lender that we have is great, they've been working with us the whole way. I cant say as much for the banks that own these houses and make ridiculous decisions (in my opnion)


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## blockhead (May 5, 2009)

I'm sorry to hear of your woes and I hope everything works out for the best. I can't imagine how that would be to have a brand new beautiful TS and nowhere to put it. Best of luck and keep us posted.


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## GaryD (Mar 5, 2009)

I go along with the other Gary, Bummer


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## Danderson (Jan 19, 2011)

In Oct of 2009, we were less than 24 hours away from closing on a BofA short sale. We thought that we has overcome the main hurdles with the appraisal coming in at only $500 above the $725k purchase price, and BofA *accepting* the short sale. Also, the short sale was less than $10k from what was owed,

Long story short, the owners did some dishonest things (one of which was continuing to show the house (we explicitly forbid it in the signed P&S agreement) and claiming that there was another offer (there wasn't)). The result was that BofA withdrew their approval less than 24 hours to close. We got the opinion of 3 different lawyers, and they all said the same thing - P&S agreements in Mass. are not enforcible. Our only recourse would be to put a lien on the house (cost us additional several thousand dollars) and the that would only accomplish them selling for the agreed price, which BofA could refuse anyway, and we would not recover any legal fees (or inspection, etc.).

Needless to say, we were crushed, and the homeowners continued to live in the house having not paid anything on the mortgage for 2 years. However, a house came on the market during that time which we ended up buying. Granted, it wasn't as nice as the house we lost, but was nicer than the house we would have bought if the shot sale had not happened.

So it worked out for us, and I can only hope that karma will bite BofA and the homeowners square in the ass some day. 

-Dan


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