Hello Everyone!
I would like to thank everyone in advance for any advice or comments offered.
As a buyer I placed an offer on a short sale (working with a buyers agent - shortsale listed with the sellers agent) in late January. About a month ago the bank was sending someone to look at the property. It can be fustrating when a month goes by and you don't hear anything and no calls are returned by the listing agent to my agent.
I got in contact with the listing agent myself to hear that there is nothing that can be done but a fax to be sent periodically to see what the status is....since BOA does not want to communicate by phone only by fax. BUT reading some of the postings in this site and others one of the most important things that can be done is Follow-Up....
Would it hurt if I contact the bank myself? Since the agent is not doing it....
Thanks!
Tags:
MD, BOA will not talk to you since they are not allowed to without permission of the seller, but you can talk to your agent and ask if it's ok to get more updates from the listing agent.
MD
Bank of America does encourage phone calls and this site is full of examples of agents taking a proactive approach to short sale negotiations. Whether the short sale is being processed through normal channels (for VA and FHA, and other loans where the investor(s) do not want B of A using their new short sale processing platform - Equator) or is initiated and negotiated through the Equator.com website system makes a difference.
Bank of America is historically slow in their short sale dealings and it is not uncommon for the process to take six to even twelve months. They recently announced they are attempting to streamline their processes, so the vote is still out on that one. For your short sale to have been started in January and given the fact that someone went out a month ago to look at the property (either to perform a BPO or an appraisal) is a good sign. The listing agent should be in contact with the lender on at least a weekly basis by phone. This means calling the short sale department and inquiring about the status of the file and if no activity is noted then having the file escalated.
Certainly if the seller gives you written authority to contact their lender and you send that authorization in via fax, then you should also be able to ascertain the status of the file as well. This website can be an invaluable resource but certainly you should take all advice given as what it is... opinions, educated guesses or experience gained by many many hours in the short sale trenches.
Hope your sale/purchase goes well.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.