Replies to This Discussion

Permalink Reply by Wendy Rulnick on August 6, 2009 at 5:07am

Usually 4 months. You could get lucky. But don't count on it.

Permalink Reply by Stephanie Lim on August 6, 2009 at 5:17am

Do they usually cancel a looming short sale when it's listed or only after a contract is in place? This guy already has a Sept sale date set.

Permalink Reply by Wendy Rulnick on August 6, 2009 at 5:26am

They postpone Foreclosure sale 2 Days Before date IF Decent offer

Permalink Reply by Stephanie Lim on August 6, 2009 at 5:30am

Cool, thanks!

Permalink Reply by Stephanie Lim on August 6, 2009 at 11:55am

Got the listing. So I'm off and learning how BOA operates. Thanks for the help today Wendy!

Permalink Reply by Bryant Tutas on August 6, 2009 at 12:29pm

Very cool Stephanie. I just received an approval yesterday in 59 days!!! That was definitely the exception though. When you are talking to the folks in the call center always ask if they have the capability to receive a package by email and put it in the system for you. Some of them can. I found a lady awhile back that accepts all of my packages via email.

It easily saves 2 weeks of time.

Permalink Reply by Stephanie Lim on August 6, 2009 at 2:32pm

That is awesome! Thanks for that tidbit, Bryant. I'll definitely try it that way. We have a month tops to get an offer and get it in before the sale date, I need every second I can get!

Permalink Reply by Jeff Payne on August 17, 2009 at 5:49am

Seems like you hear nothing and then 4 months into it they start working on the file.

Permalink Reply by Zee Hunter on August 17, 2009 at 8:29am

I have a short sale offer on one of my listings, the offer has been in with BOA since June 27. The first negotiator has been assigned and I have called and emailed numerous time to get any updates on the file. As of Friday 8/14/09 the rep I talked to put in for an escalation on the file and to get the appraisal ordered. Per all of my conversations the negotiator has 15 days to review the file and then contact the listing agent. This has never happen on this short sale or any of the others that I have had in the 15 day time frame. Now the other agent has provided me with a letter that she used on one of her short sales that was listed a year, had three offers and all buyers walked away. BOA was going to foreclose (so I'm told). But wants me to send this letter to the BOA president, congressman, senator, etc, etc. Our transaction does not fall into the same scenario as her transaction she has with BOA. I am not comfortable with drafting something up like this nor am comfortable that she has asked me to do so. The buyers have rented their house out and have to be out my September 1, hence the pushing from their agent. I have discussed with her time and time again that we are kind of at their (BOA's) mercy. I call several times a week,email the negotiator and the supervisor with no luck. I see in your response below you say 4 months is when they usually respond. Is what this other agent is requesting I do something you have done? What are your thoughts.

Permalink Reply by Wendy Rulnick on August 17, 2009 at 10:48am

Zee - I would not care for the buyer's agent trying to insert herself into your communications with Bank of America. I would not do it. If it went in for escalation on 8/14, they say it can take up to 7 biz days to get an update on the file. I would email the supervisor again, email the actual negotiator once a week, and also try to leave a phone message. If the offer has only been there since June 27, you are probably looking at the end of September or October for approval... If there is a foreclosure date set, you can usually get that postponed a couple of days before the sale. If you are within your contract approval time frames, the other agent needs to take a chill pill!

Zee Hunter said:

I have a short sale offer on one of my listings, the offer has been in with BOA since June 27. The first negotiator has been assigned and I have called and emailed numerous time to get any updates on the file. As of Friday 8/14/09 the rep I talked to put in for an escalation on the file and to get the appraisal ordered. Per all of my conversations the negotiator has 15 days to review the file and then contact the listing agent. This has never happen on this short sale or any of the others that I have had in the 15 day time frame. Now the other agent has provided me with a letter that she used on one of her short sales that was listed a year, had three offers and all buyers walked away. BOA was going to foreclose (so I'm told). But wants me to send this letter to the BOA president, congressman, senator, etc, etc. Our transaction does not fall into the same scenario as her transaction she has with BOA. I am not comfortable with drafting something up like this nor am comfortable that she has asked me to do so. The buyers have rented their house out and have to be out my September 1, hence the pushing from their agent. I have discussed with her time and time again that we are kind of at their (BOA's) mercy. I call several times a week,email the negotiator and the supervisor with no luck. I see in your response below you say 4 months is when they usually respond. Is what this other agent is requesting I do something you have done? What are your thoughts.

Permalink Reply by Andrea Mills on August 22, 2009 at 5:06am

We had 4 short sales with BOA, all with the same seller. On one prop we had approval within 3 weeks (buyer bought $10,000 worth of furniture and didn't qualify for the loan anymore, so it fell apart). Second offer on same property took 2 months to get approval - SOLD. On the second prop, we substituted a new buyer for an investor that didn't want to wait and are about to get approval. Third prop, approval within 2 months, SOLD. Fourth one, still waiting on approval after 2 months.
It seems to me it all boils down to the loss mitigator. We have our own short sale specialist doing all the hard work for us, she contacts them once a week and she's fierce. Never had one not approved, but when it comes to time lines with BOA, it can go either way - fast or slow.

Permalink Reply by Andrea Mills on August 27, 2009 at 12:45am

We had an approval in 21 days and we also have one that was submitted in April and now it's the end of August. These are for the same seller (we have 5 of his short sales, 4 with BOA, 1 with City National). We involved the loss mitigator's supervisor on the one that's been sitting since April. Guillermo [email protected] has been put on notice by the analyst that he has until August 31, 2009 to decided wether or not he would like to work our file, after that the case will be reported to his supervisor, by the analyst.