Bank of America Short Sale
Updated 2013 Bank of America Short Sale Process Review.
Our Take on Bank Of America Short Sales
A few years ago I posted something about how Bank of America was one of the worst companies to deal and in fact, might be the worst due to the problems, delays and total lack of any sort of real system. My clients and I are happy to say that Bank of America short sales have come a long way. About the time they implemented the equator system (simply software that allows agents to upload documents and to communicate with the negotiator). You still have to push your short sale file through the process (especially to stop foreclosure), but the nice thing is being able to upload new documents.
Bank of America Short Sale Department
Bank of America has several numbers depending on many different things such as the type of loan you have, how many loans you have and other factors.
- The best generic number is: 1.866.880.1232 – Short Sale Customer Service
- If you are interested in going through the short sale process call: 1.877.447.3994
- If your home is up for Foreclosure (like real soon), then you should call: 1.800.846.2222
- Bank of America Home Retention Department (read – IF YOU WANT TO DO A LOAN MOD): 800-633-4510
- HAFA Phone: 800-669-0102
Bank of America Short Sale Process
Once you have determined that a short sale is in your best interest (and it always is unless you can keep your home) then process usually should work like this.
- Talk with the Jarvis Team
- Put Documents together
- Call Bank of America to tell them you have selected the Jarvis Team
- Jarvis Team Initiates on equator
- Jarvis Team Uploads Documents
- Jarvis Team Gets offer
- Upload offer
- Bank of America evaluates documents
- Bank of America evaluates home (called a BPO)
- Bank of America evaluates home value vs offer
- Bank of America approves or counters offer
Bank of America Short Sale Timeline
Generally speaking Bank of America short sales take 60 days from the time the offer is submitted to the time they issue an approval letter. It has happened, much, much faster before but I want to give you a worst case scenario. Times below or how long it typically takes the Jarvis Team.
- 0-45 Days – List the home for sale collect paperwork
- 30 Days or Less – (typically at least) – Review of paperwork by Bank of America and Evaluation of property
- 15 Days (could be less) – Review of offer and negotiations
- 15 Days – Approval Letter
- 30 to 45 Days – Buyer closes on home
Bank of America Short Sale Package
Bank of America has gone away from a traditional package. They do however require the same information such as a financial worksheet, last 3 pay stubs if any, last 3 bank statements, tax records, and hardship statement along with any buyer offer materials. Contact the Jarvis Team at 770-406-6123 to have us send you our package to get this information started.
Bank of America Short Sale Approval
Bank of America approval letters are typically vague but specific enough to understand if the debt is forgiven or not. What typically is not specified is how the credit is affected. The approval letters are somewhat standardized though.
For Buyers: Buying A Bank of America Short Sale
If you are interested in buying a Bank of America Short sale then the best place to is the one person who knows them the best right? Head on over to our Georgia Homes website to search for a home and if you like short sales, you’ll know you’re in good hands!
Bank of America Short Sale Real Estate Agents
Whether you’re in Georgia or not you will want to find a good honest real estate agent the best way to do that is to ask the following.
- How many short sales have you personally completed with Bank of America?
- What’s the main reason you didn’t sell your Bank of America short sale? (most agents have had a few that didn’t work out)
- How do you process the transaction? (What would you do if you lost the buyer?)
- Who is going to handle my transaction?
- How involved will YOU be in my short sale?