by Atlanta Short Sale Agent on January 13, 2010
To say that Bank of America short sales are the worst is to say that World War II sucked. It doesn’t even come close to describing what it is like to deal with Bank of America on a short sale. That being said, they are predictable at least, once you know few things.
Here’s a few oddities that you probably didn’t know
- Before a file can be a short sale, homeowner(s) must call BOA’s Home Retention 1-888-325-6428 to let them know that they want to do a short sale. Then, Home Retention mails them a Short Sale Pkg & refers file to “Short Sale” once the financials are entered.
- Toward the end of the approval process it’s likely the negotiator will call you and congratulate you on a successful short sale. This means that Bank of America has completed THEIR job. They then will send it to the insurance company or investor for approval which could add another 60 days to the process.
We learned these two new things along with the edition of Equator, Bank of America’s new online short sale system, in the last 30 days!
by Atlanta Short Sale Agent on September 21, 2009
Bank of America Short Sales are notorious for taking the longest, in many cases 6 to 9 months. Washington Post recently wrote that:
Still, the short-sale process is notoriously slow and cumbersome. Unlike normal sales, the seller’s lender must approve the deal and is often suspicious of lowball offers, potentially dragging out the process for months. About 60 percent of approved short sales do not ultimately close, largely because buyers walk away from the deals, according to Bank of America.
Bank of America DOES take a long time, but they are typically upfront about what they are doing and why you are waiting. The good news for homeowner still in their home during short sales IS that BofA takes so long. This could mean a “forebearance” in a sort of odd way.
We’ve closed several Bank of America deals and the key is keeping people in the loop and being aggressive when needed.
