Replies to This Discussion

Permalink Reply by Claudine Ellis on March 21, 2010 at 4:03pm

You are gonna need the seller to contact BOA. You are not a customer. If you dont prefer to wait, find another home and save the stress. It is near impossible to deal with BOA unless you have stamina, good drugs and an agent that has experience to deal with them. They bring the ugly out in folks!

Permalink Reply by Ryan F on March 21, 2010 at 9:08pm

I too am a buyer who started back on 10/09 and BOA stated they did not have our submitted paperwork. We had everything resubmitted through Equator and just had the BPO ordered on 3/6. I too hope to hear something this week!!!

Permalink Reply by Keli Amparan on March 22, 2010 at 6:01am

Claudine- thanks for your reply, I know I can't contact BOA. It's funny how we as buyers are involved and invested in this transaction happening but we have absolutely no control or ability to obtain any information pertaining to where we're at in the process. I've already got 7 months invested in a house I love, believe me, if I could find a house that I loved more I'd definitely walk away from this one! I am hopeful that something will happen soon since things appear to be moving forward.

Robafloyd-Let me know if you do hear something, and I'll do the same!!

ROBAFLOYD said:

I too am a buyer who started back on 10/09 and BOA stated they did not have our submitted paperwork. We had everything resubmitted through Equator and just had the BPO ordered on 3/6. I too hope to hear something this week!!!

Permalink Reply by Juan Reyes on March 22, 2010 at 4:25pm

Hi Kelli,

I am a Realtor in Washington DC area, and sadly I have been dealing with many, many, many short sales over the past 2 years. Bank of America has been the worst bank to deal with. However I have had a lot of success with getting the short sales approved, it just takes a lot of time and patience on your end.

I just closed a case last week that had been submitted to BOA last August before they had switched to Equator, in Mid-October when our file was half way done, we were assigned to Equator and had to start all over again. It was frustrating at first because it was so new that everyone was learning the new system.

We got a counter offer on our case in Mid December, the buyers re-countered and it took BOA 3 weeks to review the counter offer. We finally received an approval letter in Mid January and we just closed on the home last week. I have another deal that was submitted in December and we have received a verbal approval a few weeks ago and are just waiting for the approval letter so that the buyers can move forward with their loans.

It is true what they say that the agent needs to have experience dealing with BOA and Equator. If you have an agent representing you, have him or her ask the listing agent to keep track of the due dates of the tasks that are assigned to the negotiators, if the task is overdue, then the agent can ask the customer service rep to escalate the issue to the negotiators manager. I have done this many times, and have had success in getting the files to mover along.

Not all offers get countered, I've had offers get accepted right away, and I've had offers that have been countered. When the bank does their valuations, they want to see that the home is being sold close to market value. If they see a big gap in property value and offer price then they will most likely counter your offer. So make sure your agent did his homework properly and gave you an accurate market analysis when you wrote your offer.

Whenever I have an agent call me and tell me they will be sending me an offer for a short sale that is with BOA, I tell them that if their buyers are not willing to wait 4-5 months for an answer to not even send me the offer. If you really love the home and have waited this long already, then keep at it, it sounds like you are close to the end.

Permalink Reply by Claudine Ellis on March 22, 2010 at 4:29pm

Keli, stick and stay. Dont get stressed. It will happen. When is the question! If you love it and want it and dont mind the wait, then go for it. But, if you are stressing, let it go and get another home. There is always better. I learned that a long time ago, but you have to decide if the pros outweigh the cons. In this case, I see you love the home, so stick with it. Just dont think about it every day. It can overwhelm anyone. BOA has to be STOPPED. They are crazy. (smile)

Keli Amparan said:

Claudine- thanks for your reply, I know I can't contact BOA. It's funny how we as buyers are involved and invested in this transaction happening but we have absolutely no control or ability to obtain any information pertaining to where we're at in the process. I've already got 7 months invested in a house I love, believe me, if I could find a house that I loved more I'd definitely walk away from this one! I am hopeful that something will happen soon since things appear to be moving forward.

Robafloyd-Let me know if you do hear something, and I'll do the same!!

ROBAFLOYD said:

I too am a buyer who started back on 10/09 and BOA stated they did not have our submitted paperwork. We had everything resubmitted through Equator and just had the BPO ordered on 3/6. I too hope to hear something this week!!!