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Tips for Quick Restart to BoA Short Sale Canceled in Error?

Posted by Ryan Ferrell on November 14, 2012 at 5:03am in Short Sale Discussions
I am a buyer on a downtown Chicago short sale owned by Freddie Mac, but serviced by BoA. After our files were accepted July 1, BoA approved our purchase price Sept 1 which is 2.5% over the BPO. September 10, shortly after BoA foreclosed on the property, they transferred the short sale file to a new agent, who then for some reason ordered a new BPO that inexplicably took two months to complete. A week after the new BPO was completed, the file was closed for "non-response". It took tweeting to BoA of all things to get an explanation of why there was a "non-response", even though there were no messages in Equator for the seller to respond to. The BoA agent now says that was actually a computer error, but we have had to submit a new file. Are there tips on making this go faster? Is there a way to get a smarter/faster-working person to run the file?

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Replies

  • Jonathan Katz November 14, 2012 at 9:46am

    Ryan,

          Is this still a short sale or is this now a REO? 

    The only way to get a file with Bank of America to move quicker is to escalate the file if the negotiator is not moving within their proper time frames. You can reach out to the presidential office or try to speak to the negotiators supervisor or manager. Typically we just send an email to one of our escalation contacts to reach out to the negotiators supervisor to instruct them to work the file or at times they will even go as far as assigning themselves to the file to work it.

    Brett@ishortsalenow.com

    www.ishortsalenow.com

    310-564-6398

  • Wendy Rulnick November 14, 2012 at 9:39am

    Is this property now bank owned, i.e. a foreclosure or "REO", no longer a short sale?

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