Replies to This Discussion

Permalink Reply by Wendy Rulnick on August 26, 2010 at 9:17am

Angela - SInce they should have an active BPO on file, I doubt it will be months, should go quicker this time.

Permalink Reply by Angela Gandolfo on August 26, 2010 at 9:24am

Funny you should mention that - they put a note in Equator stating that they were going to order a BPO - I replied immediately asking them why the need for a BPO when they are netting more than the last offer AND if they do a BPO they will only find that prices have gone down in the last few months! When I called yesterday they said they haven't submitted it to the investor for approval yet...

Wendy Rulnick said:

Angela - SInce they should have an active BPO on file, I doubt it will be months, should go quicker this time.

Permalink Reply by Wendy Rulnick on August 26, 2010 at 9:25am

If the last was more than 90 days, they will.. Maybe it's close to the cut-off. Ouch.

Angela Gandolfo said:

Funny you should mention that - they put a note in Equator stating that they were going to order a BPO - I replied immediately asking them why the need for a BPO when they are netting more than the last offer AND if they do a BPO they will only find that prices have gone down in the last few months! When I called yesterday they said they haven't submitted it to the investor for approval yet...

Wendy Rulnick said:

Angela - SInce they should have an active BPO on file, I doubt it will be months, should go quicker this time.

Permalink Reply by Wendy Smith on August 26, 2010 at 12:47pm

welcome to Bank of America. try emailing every contact you have at BoA - Matt Vernon, John Ciresi, Crystal Dingman, etc - everyone and anyone. MAYBE you will get a response. You'll have to understand, BoA makes more money if they operate this way e.g. start all over just because buyer changes, etc. Such blatant greed is just staggering. Some day, we will see a class action suit or two over the financial damage to investors and homeowners suffered due to BoA policies. I keep watching, I know it will happen. It just has to be worthwhile for the attorneys.

Permalink Reply by Aida Gonzalez on August 26, 2010 at 4:30pm

I have same situation, Angela, and BOA ordered another BPO, the other day i sent a message to the negotiator asking for 'status' , also I mentioned that was preciously approved, she responded: no, this short sales was NEVER APPROVED, i sent the letter approval to proff it was!!!, and then she answered, was expired on june, LOL i said, yes but WAS APPROVED BEFORE, I'm still waitting.. this is amazing

Permalink Reply by Frank Mir on August 27, 2010 at 2:16pm

Same thing happened to me. It will only take 20 - 30 days to get the approval depending on the negioater.......God Speed

Permalink Reply by Wendy Smith on August 28, 2010 at 12:42am

when the buyer walks BoA closes the file. period. there is absolutely no logical reason to close the file but they do.
It took more than 3 weeks to re-open a file that had been accidently closed by a negotiator. Unreal.
in the past two months I've "lost" three sales due to BoA and the inept, inefficient processing of short sales. Oh yeah, a fourth will most likely go down the tubes as the buyer is now in the hospital (she's 87 yrs old) and the approval expires 9/7/2010 - the approval just came in yesterday..... It was submitted last March.
I'm re-thinking how to best help the homeowners unfortunate enough to have BoA as their servicer. There has to be a better way - I'm pretty soured on BoA at this point.

Permalink Reply by joe beauchamp on August 31, 2010 at 6:31am

2 things: BofA system is designed around the buyer, I don't recall the other bank but I do remember learning that there is another which does the same thing. You lose the buyer and they have nothing to go on. 2nd, if you can't get that extension via the closing officer (and also, having done other short sales, try emailing one of the other closing officers - some of them really want to help and get short sales accomplished), then try John Ciresi - he is a VP who handles special problems - and quickly from what he has done for me. He has been mentioned a couple of times on this forum..

Wendy Smith said:

when the buyer walks BoA closes the file. period. there is absolutely no logical reason to close the file but they do.
It took more than 3 weeks to re-open a file that had been accidently closed by a negotiator. Unreal.
in the past two months I've "lost" three sales due to BoA and the inept, inefficient processing of short sales. Oh yeah, a fourth will most likely go down the tubes as the buyer is now in the hospital (she's 87 yrs old) and the approval expires 9/7/2010 - the approval just came in yesterday..... It was submitted last March.
I'm re-thinking how to best help the homeowners unfortunate enough to have BoA as their servicer. There has to be a better way - I'm pretty soured on BoA at this point.

Permalink Reply by Mark Saakian on September 2, 2010 at 8:41am

One of the webinars on Equator condicted by BofA Home Loans indicated that there is a Fast-Track available on the ones that were pretty much approved and the buyer walker. Their instruction say that you need to call the short sale customer support and ask them about the fast track. You might as well mention that this is something that you learned at the webinars for agents. See where it takes you. Good luck

Permalink Reply by Jennifer Culberson on September 3, 2010 at 4:15am

The process begins at square one in my experience, new negotiator, new BPO...I know it doesn't make sense, but that is how they do it.

Permalink Reply by Frank Mir on September 3, 2010 at 1:40pm

BPO is good for 90 days........Most of the time they will use without a kind reminder..........

Jennifer Culberson said:

The process begins at square one in my experience, new negotiator, new BPO...I know it doesn't make sense, but that is how they do it.