That’s right you can now swap buyers out without having to start over at Bank of America. This has been requested for, for some time now, but it’s finally a reality. The reason they didn’t do it before was to prevent “investors” from abusing the system. At least that’s the story we were told!
In any case, this is great news if you are a short sale agent, short sale seller or even short sale buyer!
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!
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 [...]