Update from Bank of America on Short Sales

On December 15, 2009 , I attended a round table presented by the Women's Council of Realtors. The featured speaker was a representative from Bank of America who shared an overview of the current short sale policies that BofA is following. The session was informative and very interactive and the audience shared a wide variety of frustrations and concerns with the current short sale experience. Through his role as a liaison between Realtors and the BofA short sale department, he hopes to improve the short sale process for BofA customers by providing valuable feedback from presentations like the one yesterday directly to the policy-makes in the BofA short sale department. Distributed by Tubemogul.

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[Blur125]

Very informative! I am at the "Investor Approval" portion of a short sale I have agreed to purchase. B of A counter offered my initial offer by $10k and we immediately accepted. Now I am in limbo in which B of A is waiting on approval from investors. In my opinion, there are too many approvals. Can I still expect 12 weeks? or more? They tell us we will have an answer within 72hours every 72hours...

[klavanway]

@Blur125 There is really no good way to predict how long it will take to approve a short sale. I can say which confidence that many lenders, including BofA, have really stepped it up and are providing approvals much more quickly. But be aware that approvals are not automatic and if the lender/investor decide they want more money, particularly if they want a seller contribution, the answer may be NO...

[klavanway]

The repsonse time is really more a factor of the lender/negotiator you are working with. With BofA, you can expect less than quick response...are you only countering for your commission? Do you have a live person you can talk to? May take some detective work...send me an email and I can give you a contact name

[Giminey]

I can really feel the love for all the people who got to use a "short sale" . Im sure they were as happy as you are about their situation. And you getting that approval from those investors is just glorious . Then the former happy homeowner can now use your generous services. Its so heartwarming. Im sure the people being thrown out of their family house they had been living in for 20 years just want to hug you. Well, FU & The investors & the banks in the ass. People arent F##king numbers

[bankofame]

This would be a great program if banks actually participated in it. We have been working with bank of America on a short sale for a year now and now we have been waiting fro a response from the negotiator for three months and this included two lafa escalations @shortsalesbank2010

[rmrphoto]

My wife and I started the purchase of a short sale here in California in Aug. 2009. Since then, we've paid for the appraisal & the persons in charge of our purchase has changed hands 4 times and we're still waiting to hear something. The person handling the short sale, Shaun Duff of Countrywide/BofA in Chandler, AZ, has had very little contact with our realtors and have even gone so far as to say that continuing to inquire about it would be detrimental and negatively affect our chances.

[Blur125]

@klavanway Thank you for the reply. It really is frustrating. I am the fourth buyer to go through an offer on this particular home. Both my realtor and the listing agent are calling the bank daily for updates, as the house has been on the market and vacant since April 09'. It's just amazing how reluctant the bank could be to sell a home that has not made a payment in over a year. I'm patient and am in no rush, but I'd like to close before the (hopefully) extended fed tax credit deadline 9/30

[Blur125]

Very informative! I am at the "Investor Approval" portion of a short sale I have agreed to purchase. B of A counter offered my initial offer by $10k and we immediately accepted. Now I am in limbo in which B of A is waiting on approval from investors. In my opinion, there are too many approvals. Can I still expect 12 weeks? or more? They tell us we will have an answer within 72hours every 72hours...

[nggoodman]

Do you have any idea on how long of a wait a listing agent can expect when countering on a commission via Equator? Does the wait process begin all over again?