Thread: Would you be offended...

if a client asked to be copied on all emails and docs related to the deal?

I am the buyer of a short sale property and we have been working toward bank approval since October. I identified the property, after searching myself for two years and being shown exactly two homes. I offered full listing price. I never asked any agent to contribute or lower their commission. Following all the advice on here, I have really tried to resist my nature to be hands-on and permit the agents do their job. For instance, I never once called my agent to ask "where we are." However, I have done a lot of due diligence.

The bank insisted on a closing in 30 days and I was shown an email from Equator (Bank of America’s short sale system, as you know) and was encouraged by my agent to apply for my mortgage. I said I really wanted to see an approval letter, and this was some computer-generated email that did not even include a closing date. One of the lenders I contacted also told me he had closed thousands of Bank of America short sales (he was a lead underwriter, so I believe him) and even the lender suggested I do NOT pay for an appraisal or lock-in without an approval letter.

My agent informed me that there was no other letter. This was it - "what we're waiting for!" And, he stated that the seller's agent said an approval would come five days before closing. I politely told him that seemed crazy. (The lender had given me many specific examples of letters 45 days in advance) But, after pushing back for three days, with less than 30 days to the verbal closing date, I finally felt pressured to begin my mortgage financing. I requested my agent email to me the fully-amended purchase agreement to add to my electronic application. As I gave it a thorough read, there within the attachment, is a three-page letter titled “Bank of America Short Sale Approval!” outlining the approval to seller and all the usual details. It was dated a full week prior!

This was the endgame and they both missed it? Without trying to place blame, someone I am dealing with is less than competent. Frankly, I am weary of hearing how this is not a normal deal. Short sales are the new normal; Get up to speed.

The house will be “as is,” but we still have some hurdles like de-winterizing, (I included inspection contingencies just to assess major systems and ensure no major unseen damage, although that period has technically now passed). Am I out of line to say I want to be copied on everything from here forward, including all emails and docs? Have your clients done this? How do they ask and how do you respond?

Thanks for reading, Just a stupid buyer