Any comment on this 2010 page from the the BofA website? Check out the internal deadlines. Reality check anyone.
I found this on-line tonight. Is it old news, good news, or no news at all?
The black hole I see in the promised time-lines fall into the paragraph titled:
Additional negotiations or information may be requested...
But the rest totals 25 days -- from complete package to approval.
Initiating a Short Sale
The black hole I see in the promised time-lines fall into the paragraph titled:
Additional negotiations or information may be requested...
But the rest totals 25 days -- from complete package to approval.
Initiating a Short Sale
Customers
should call the Workout/HOPE call center at 1.800.669.0102 to discuss
their workout options after becoming delinquent. If other workout
options do not apply, then the Short Sale process is discussed. We can
discuss Short Sale transactions with the customers or their authorized
agent. Our Short Sale team can be reached at 1.866.880.1232. A
discussion is held regarding the Short Sale process and the documents
that need to be faxed to Bank of America Home Loans to begin the
process.
Please Note: The borrower must have a current or eminent financial hardship and the loan must be delinquent.
While
the discussion and upfront verbal agreement to begin the process are
important, the formal process officially starts when we receive the
signed purchase contract, listing agreement, copy of MLS history and
preliminary HUD 1 statement.
Property appraisals
Once we have received a copy of the signed purchase contract:
- Within approximately 2 days of receiving the faxed documents, the customer or agent will receive confirmation of the received purchase contract. If
the offer is possibly viable, an interior appraisal will be ordered. - Within an additional 3 days an appraiser will be assigned, they will contact the customer or their agent to schedule an appointment to
conduct an interior appraisal. - Approximately 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by us. This is absolutely dependent on obtaining access to the
property in a timely manner. - Upon receipt of the appraisal, we will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
Additional negotiations or information may be requested, (examples of but not limited to):
- Purchase price
- Changes to the HUD 1 statement
- Funds and/or a promissory note from the borrower
- Information about the buyer
- A deficiency letter signed by the borrower
- Explanation of the hardship
- Most recent month's income verification or if self employed, last 3 months P&L
- Most recent year's tax return.
Finalizing the request
Once
all parties, including additional lien holders, have agreed to the
negotiations, Bank of America Home Loans and/or its investors/insurers
will render a decision within approximately business 5 days.
The
decision to accept or decline the short sale will be communicated to
the customer and/or their agent within approximately 48 hours of the
decision.
Short Sale Fax -1.888.491.4947
Replies to This Discussion
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Permalink Reply by Jim Hale on
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I stumbled onto this page via a simple Google search for BofA short sales. Now I see It is part of a business portal available for use only by:
Foreclosure/Bankruptcy Attorney
Title Company
Insurance Agent
Neighborhood Stabilization
I notice real estate agents need not apply.
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Permalink Reply by Bryant Tutas on
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Jim, We can only hope it's true.
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Permalink Reply by Katerina Gasset on
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Yeah! Here is my comment- IN YOUR DREAMS LOL!
The problem that this causes is while on the outside everyone says, cool, BofA has now a policy that will move along short sales. The problem is they force this policy with unrealistic expectations on their negotiators who then will still fall behind and then their job is on the line. They will get marks against them for not following the public policy so guess what they do to protect their own job ( can you blame them?) - they close the file, they reject the file, or they move the file to a new negotiator wherein their time line starts over again. I would rather get a YES and take a long time to close, then a NO in a short time. -
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I can see there is real danger in expecting them to adhere to to something we (brokers) were not ever expected to see. I find it very interesting that they have put this info into a site that is intended to be accessed only by attorneys and title companies and Neighborhood Stabilization folks but not US.
If you start at the BofA home loans home page, you cannot get to this page. I would never have seen it if didn't come up on page one on a Google search for the content -- which probably won't happen once its aged a bit.
Katerina Gasset said:Yeah! Here is my comment- IN YOUR DREAMS LOL!
The problem that this causes is while on the outside everyone says, cool, BofA has now a policy that will move along short sales. The problem is they force this policy with unrealistic expectations on their negotiators who then will still fall behind and then their job is on the line. They will get marks against them for not following the public policy so guess what they do to protect their own job ( can you blame them?) - they close the file, they reject the file, or they move the file to a new negotiator wherein their time line starts over again. I would rather get a YES and take a long time to close, then a NO in a short time. -
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Permalink Reply by Keji Ogunleye on
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This timeline is rubbish and non-sense on the part of BoA. Case in point I initate a short sale on equator- called them was informed that I need to send the required documents to them within 48hrs- Documents submitted on 2/5/10. Called to confirm receipts of the documents on 2/9/10- Documents recieved.I was informed that it will take 10days to assign negotiator. Called again on 2/17/10- was told to call back on 2/19/10-. I could not call yesterday- but got an email this morning from the equator that short sale declined because they did not get requested documents... OMG BoA is all broken- This is just crazy.... Do I need to take another BoA short sale??? i'm seriously thinking about not dealing with BoA short sale anymore...
Jim Hale said:I can see there is real danger in expecting them to adhere to to something we (brokers) were not ever expected to see. I find it very interesting that they have put this info into a site that is intended to be accessed only by attorneys and title companies and Neighborhood Stabilization folks but not US.
If you start at the BofA home loans home page, you cannot get to this page. I would never have seen it if didn't come up on page one on a Google search for the content -- which probably won't happen once its aged a bit.
Katerina Gasset said:Yeah! Here is my comment- IN YOUR DREAMS LOL!
The problem that this causes is while on the outside everyone says, cool, BofA has now a policy that will move along short sales. The problem is they force this policy with unrealistic expectations on their negotiators who then will still fall behind and then their job is on the line. They will get marks against them for not following the public policy so guess what they do to protect their own job ( can you blame them?) - they close the file, they reject the file, or they move the file to a new negotiator wherein their time line starts over again. I would rather get a YES and take a long time to close, then a NO in a short time. -
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