Comment

Comment by Dean E Eshelman, CPA, CDPE, IRES on March 29, 2013 at 3:03pm

Patricia, Yes that is the MO. Phase 1 neg, Phase 2, Phase 3 is closer. Just went through this for 16 months - 485 days!! I was in meeting with BofA here and they said they realize they have a lot of improvement in the FHA short sale process. They seem to think moving to Equator is the cure. Don't think so, but we'll see. Also said BofA has decreased their portfolio of loan, I think he said by 40%. Mostly to that lovely-NationStar, then to Ocwen. Since, these are not banks, it is a way to get out of some of the Banking rules applied to ShortSales, in my opinion. That is why we are seeing crap like NationStar trying to force Auction.com.

Comment by Kevin - Greenville, SC on March 29, 2013 at 12:53pm

Patricia,

Are you dealing with the BOA Florida Office?

Comment by Sheila Vardakis on March 28, 2013 at 2:51am

Joe..............I have to tell you, I read all your posts knowing I am going to get a good laugh out of everyone of them.  thanks for your fun spirit and knowledge too.  :)

 

Comment by joe beauchamp on March 28, 2013 at 2:36am

That is an old policy for BofA FHA and was business days. I think that they finally folded to the insanity of waiting for a whole month before you get an email saying, "Yeah? whatdayawan?" and resetting their clock for another month. I'd say call in again and ask another SS rep about this "new" policy.

Comment by Anna Parker on March 27, 2013 at 9:42am

Any one hear of BofA's "new" policy of waiting 20 calendar days of no response from negotiators before being able to submit escalation request?  If true - this is utterly frustrating!

Comment by Stephanie Hart CA 310-930-2342 on March 24, 2013 at 5:14pm

I've battled a few with problems known prior to approval and agree. 3 estimates and they usually go w/mid-lowest pricing. I've had credits towards closing on a Chase and a hefty reduction on a BAC. I try not to have VA or FHA without a 203k loan and have then start inspections immediately If I suspect any issues. A roof was a surprise once... Came at it differently after the 1st buyer couldn't get through underwriting at approved price. Let us know how it goes!

Comment by Sylvia Barry on March 24, 2013 at 4:47pm

Hi Alton:

I never ended going thru this with my short sale - the buyer ended up backing out and we got another buyer.  However, when my BofA short sale with the same situation came up (buyer asked for big credit towards repairs, BofA said they do allow for repair credit but they require three licensed contractors' estimates before they would grant that.  

So, yes, there is hope to this.  Good luck!

Sylvia

Comment by Alton R. Tyndall, Jr on March 24, 2013 at 3:30pm

Well, after receiving approval for a short sale, buyers do inspections and now want BOA to reduce the price almost 5k and then provide 5600 to them at closing to offset repairs that have to be repaired before closing since its a V A loan, anyone had experience with BOA reducing their price after getting an approval, much less giving cash at closing, thanks

Comment by Sheila Vardakis on March 18, 2013 at 3:08pm

that is a joke...............CDPE designation does NOTHING for my short sales getting wrapped quicker.............

Comment by Evelyn Santiago on March 18, 2013 at 3:01pm

I am with Rachael on this...just a way to try to sell another short sale designation.  Even BOA's Cooperative Short Sales are not done that quickly despite the fact that its a one paper short sale. 

 

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