Short Sale Approved BofA in Less Than 30 days
June 3, 2010 Listed condo, Short Sale, 2 loans Bank of America. My seller paid 160K in 2005.
June 11th, 2010 Offer on property
June 14, 2010 All documents finished uploading to Equator
June 20th, BPO agent went to condo.
June 24, Negotiator Assigned
July 9th, Counter offer from bank
July 12th Buyer Countered
July 16th Bank accepted
Close on August 3rd.
Less than 30 days for BofA to accept. Will close at 45K
Woo Hoo, this is my first time using Equator, and we were very careful to do everything just as they asked for it.
June 11th, 2010 Offer on property
June 14, 2010 All documents finished uploading to Equator
June 20th, BPO agent went to condo.
June 24, Negotiator Assigned
July 9th, Counter offer from bank
July 12th Buyer Countered
July 16th Bank accepted
Close on August 3rd.
Less than 30 days for BofA to accept. Will close at 45K
Woo Hoo, this is my first time using Equator, and we were very careful to do everything just as they asked for it.
Replies to This Discussion
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Permalink Reply by Kent Dills on
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You DID GOOD Missy! Congrats!
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Permalink Reply by Katerina Gasset on
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Woo Hoo Missy! Oh my gosh, 45K!!!
We have done super fast closings too with Equator. -
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Permalink Reply by Wendy Smith on
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see? miracles do happen.
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Permalink Reply by Missy Caulk on
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Yes I would say that they do. Amazing...my seller is thrilled as she just passed her nursing school boards and will be leaving.
Wendy Smith said:see? miracles do happen. -
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Permalink Reply by Jeff Payne on
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Woo Hoo, way to go Missy.
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Permalink Reply by Janie Booth on
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Yes! Congrats! Sharing those "miracle" stories is what keeps us going!
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Permalink Reply by joe beauchamp on
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Hmm... nice job. I see 2 factors (I do a bunch of these and try to study how they operate, etc.). 1) you were lucky - a ton of what happens at BofA seems to be driven by a nasty roulette wheel in the back room; 2) your buyer offered a ton more than necessary for the investor; 3)
#2 could be that they had a very low BPO, and I have not seen this happen in BofA land but it seems logical that an investor would jump on a deal far better than what they should expect. On the other hand, BofA does not care about good or great deals - real world logic has little place in their heads. And unless this was a small bank, I don't see the investor properly managing BofA, so the good deal makes no sense because BofA doesn't gain by it. So, this is more of a "I wonder if this is somehow a factor".
Please don't be discouraged if your next one does not go so well. That is the nature of BofA/Equator. Try not to put too much into the fact that you gave them everything they wanted when they wanted it. I do that almost all the time. Results are all over the map. I think a bunch of it is because of the individual negotiator. Maybe I should have suggested that as a factor, too. They can be more powerful than the investor, they are "on the front line" and make crucial decisions while the investor has to get up from that donut to glance at the paperwork before putting a checkmark by (which did you want? Reject or approval on this one??)....
Please ignore this sounding so negative - not at all the point - you did a great job and got STELLAR results. Seems like you can continue to do great work - just be forewarned that things outside of your control very likely will impact future endeavors - NOT because you screwed up, just because BofA is like that.. Keep pounding away anyway! -
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Yes I know as other agents in my office have struggled. The BPO was low because the recent sales in the condo complex have all been short or foreclosures.
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Permalink Reply by Valorie Stover Quality Realtor on
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Hi Missy,
Great going!! I had everything they wanted and it took 3 months. But I must say it was the negotiator that was the problem or that B of A had just started with Equator and they didn't know any more than I did! :-0 -
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Permalink Reply by Ben Benita on
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Missy -- EXCELLENT job......
Joe -- Why it VERY LIKELY got done so quickly, this was most likely a portfolio loan (where B of A was both the Investor AND the Servicer).
It has been our experience that these get done very quickly b/c it mitigates the losses for B of A as the Investor on the note. -
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OH, of course, BofA doesn't want to have a loss so they'll work hard on their own short sales to minimize the loss as opposed to their clients (investors) who pay them to sit around with accounts forever. Yep, makes sense -- Hmm.. you don't think Fannie Mae, etc. would wake up if you showed them that stats on how quickly BofA can do a short sale for itself and how long it takes, how many buyers give up, how many short sales die when BofA is doing "the same thing" for their clients (is this an appropriate place to use the term mark instead of client? Hmmm??). HA!
Ben Benita said:Missy -- EXCELLENT job......
Joe -- Why it VERY LIKELY got done so quickly, this was most likely a portfolio loan (where B of A was both the Investor AND the Servicer).
It has been our experience that these get done very quickly b/c it mitigates the losses for B of A as the Investor on the note. -
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Aahh, my friend Joe, starting to see the short sale light...
The ONLY problem with contacting Fannie or Freddie, they could care less (on some notes, they actually make more money foreclsoing b/c of how the bail out funds are structured).....
Also, Fannie and Freddie just so happen to have a VERY rich Uncle, his name is "SAM" that is footing the bill.....
Wait, correction OUR TAX DOLLARS are footing the bill for these losses -
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