For three months we have been working with Bank of America agent to purchase a short-sale being held by Countrywide now Bank of America. We are the persons who had an offer on the condo unit in Los Angeles area
We made an offer the end of March on the property. We made this through our Real Estate agent to:
Bank of America Real Estate Agent:
Maggie Escareno, Referred to as Maggie
Residential & Commercial
Century 21
On April 10 Our real estate agent received first verbal verification that our offer had been accepted from Bank of America real estate agent Maggie. We were told the written acceptance would soon follow.
April 21 our agent reported that she had received an e-mail from Maggie stating she hasn't heard yet and has been calling them 2 to 3 times a day. She said the supervisor was on vacation but is back now and we would have the papers in a few days.
April 25th our agent reported that Maggie called the supervisor last week (Wednesday) and explained that the negotiator had told her she was faxing the approval and it never came and that the negotiator isn't returning her calls. She spoke with a supervisor who said she would look into the file and talk to the negotiator. Said to expect a return call in about 48 hours - meaning Friday or Monday). Maggie promised me she would call the supervisor again on Monday for an update.
April 28 When our written acceptance had not come Maggie reported to our agent that she found out Bank of America has closed the file when she called to change her fax number. Apparently what they did was put on the notes that the buyer had cancelled the offer. (WHICH WE NEVER DID) The supervisor of Bank of America was able to fix the problem so we should be getting all the paper work by Tuesday of next week. Tuesday came and went.
May 13 Maggie reported to Our Real Estate agent that she has verbal approval from the supervisor but doesn't have it in writing yet. Maggie told Our Real Estate agent she would send our agent Our Real Estate agent a counter offer changing the escrow and title companies to the one that the bank was request. Maggie told Our Real Estate agent escrow is being opened and that we could do the home inspection.
May 21 Maggie has electricity turned on for inspection.
May 29 Inspection is back. We are still waiting for paperwork that is still not coming though we have been assured repeatedly it is on its way. Our Real Estate agent has put calls in for Maggie to see if she has talked to the supervisor recently. Maggie had said the supervisor told her she would have the approval out the first of this week.
June 3 Maggie reports that paperwork is being reviewed and can be expected soon.
June 8th escrow emails Our Real Estate agent that escrow is being opened.
June 9 Maggie reports the Our Real Estate agent that papers are still not ready and she is to follow up with them on Friday.
One June 15 We find out that the reason the paperwork is held up is because the lender made a mistake in the spelling of the buyer's name.
Maggie writes our agent:
Sent: 6/15 9:44: 26 A.M. Pacific Daylight Time
Subj: Re: 11124 Burbank Blvd 104
Our Real Estate agent, the lender still is gone take about 2 weeks before they send the documents, since they had the wrong buyer's name on them they have to changed everything even do it was their mistake their process takes about 3-4 weeks to correct them. Please let me know if your buyer is willing to wait. I know it is very frustrating but there is not much that can be done but wait. Talk to your client and explain the situation and if she is willing to wait then we continue with the file if not
We told our agent that we are ready to purchase the property. We would wait for the corrected paperwork.
June 18 our paperwork moves from phase 1 to phase 2 negotiator. According to your own personnel, as of June 18, Bank of America had definitely accepted our offer and it was being finalized.
June 19 Our RE agent receives an e-mail from who reports that she just had a long e-mail conversation with the supervisor at Bank of America. They reviewed everything and don't find anything missing. According to the supervisor, they should be wrapping this up soon. Enclosed in her email was partial correspondence from Bank of America phase 1 negotiator Christopher Tata, who writes to Maggie:
Don't need anything else. And tell the buyer, to hold her horses, she is getting a property at a good deal, and these short sales take time. If she wanted a "Speedy" transaction, she could have bought new!!!
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