I saw the title of the Equator group....."muddling through the process" is certainly accurate. I have an offer long overdue to get approval or a response from B of A and as always seems to be the case with B of A, they seem to want to do everything to sabotage the deal. I thought Equator was supposed to solve their internal confusion and all it seems to do is make it worse. B of A is the 2nd on this one and we have now had approval from the 1st for over a month and it's due to expire soon. I…

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Our BofA negotiator has told us the file won't move forward until we get a Fannie Mae appraisal. We've already had a BPO done but they now need another appraisal done by a Fannie Mae appraiser. When asked when that will be scheduled they told us they don't know when but they will get to it when they can. In the meantime, the file sits. Anyone have a contact for us to help get these Fannie Mae appraisals scheduled?

I have been recently informed that Phase 1 can now take up to 15 days!! It has been a 10 day process.



So much for improvements and getting them closed sooner.



Phase 2 still up to 30 days.



I've noticed a lot of problems in the last 30 days at BOFA, negotiators disappearing, files being to new negotiators, negotiators not responding to emails or calls, saying short sales are open then saying oops not in the system, etc..



My recent negotiators for my Las… Continue

Lets face it, most agents cringe when they find out at a listing appointment that the 3rd party is lender is Bank Of America/Countrywide. In many ways, their reputation is well deserved. I was frustrated for many months trying to get 2 separate short sales in Daytona Beach approved with them. Each started in December, and just got approved in September.



Along the way, I dealt with the usual delays, lack of communication, and changes of negotiators. There were so many times that it… Continue

Alas! There is more than one version of the Bank of America approval letter. One without the dreaded "deficiency" reference. Mind you, not stating they reserve the right to pursue a deficiency may not mean Bank of America has given up that right, but it does cause less trepidation.

Deficiency... what deficiency? My theory - they are leaving out the deficiency reference, but not "forgetting" about… Continue

We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000.

Bank of America asked for a promissory note of $5000. Although my…

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