Comment

Comment by Alex Krumm on March 15, 2013 at 3:31am

Hi, Gregory - BOA short sales regularly take longer than 60 days through no fault of the seller, buyer, Realtors, or negotiating attorneys.  Regardless of their stated timeframes BOA will push short sales out much longer at their sole discretion.

Equator DID dramatically streamline the short sale process but BOA can still be a bear when it comes to timing.

Comment by Wendy Smith on March 15, 2013 at 3:14am

@Gregory - I may be mis-reading your post but BoA's 3-day or kill the short sale is outrageous.  The 3-day is calendar days - regardless of week-ends, holidays, etc.  So Gregory, are you at your job 7 days a week?  Why does BoA or anyone else for that matter think that Realtors have no lives of their own?  Since you are a buyer, of one short sale, perhaps you should not be so quick to conclude the success or even the intent of the Equator system.  

Comment by Gregory J Bermes on March 15, 2013 at 2:13am

As a Buyer (or even if I was the Owner/Seller), I can understand BofA's "Position". There are deadlines with financial institutions when financing is involved in SS transactions, and no-one seems to mind those deadlines. Ther are deadlines for the Buyer obtaining financing, an no "yells and screams" about those deadlines.

The old "it will take months" attitude concerning SSs is long outdated! That "antiquated" attitude is exactly why many SSs go beyond 60 days, and why many are so aggravating to all involved. The whole purpose of the Equator system was to standardize, simplify and expedite the SS proceedure.

Comment by joe beauchamp on March 14, 2013 at 5:41pm

Ro, if the investor is FNMA, they admit to adding 20% to the BPO for their demand - you can see complaints on this forum and find TV newscasts online. Also since last June, BofA demands all responses in 3 calendar days. This lets them kill short sales and claim it is the agent's fault. That is not helpful except maybe to keep you from wasting time on some things.

Comment by Ro Reed on March 14, 2013 at 2:32pm

I co-broke with an agent last year on a BoA SS and she was thrilled with the relatively smooth process. She just called to ask for any help I might be able to give: her buyers on a BoA SS. She was told by the listing agent that he sat in on a hearing with bank attys and if they met the counter of $440k they had a deal but needed 100 days to close. He also said the bank wanted them to do the inspection and appraisal asap so the buyers wouldn't hold up the process.  They did the inspection but decided to hold off on the appraisal. Today, 50 days after entering the offer, the listing agent's assistant (coward!)  called the buyers' agent and said the bank just entered a counter of $485,000 and they have 2 days to respond. I've given her some contact info---Any advice?

Comment by Alton R. Tyndall, Jr on March 11, 2013 at 7:32am

Glory be! I got an approval on BOA shortsale , been working it since Dec, it was an estate and certainly had doubts since they tried to close the file 2 weeks ago because investor supposedly sold back to the bank, thanks to all the twitter help from the social media team!

Comment by Theresa Ramos on March 11, 2013 at 7:25am

Thank you Marty! That number helped! 

Comment by Marty Wells on March 11, 2013 at 7:09am

I have completed a couple of short sales for agents within my office.  I don't recall who the lenders were.  You might call CS with that question.  866.880.1232.

Comment by Theresa Ramos on March 11, 2013 at 7:06am

Any one know?? I have an agent in our office that needs to short sale her house. With Bank of America guidelines, can another agent in our office handle the sale? Or does it have to be in an entirely different office? 

Comment by Kevin - Greenville, SC on March 11, 2013 at 6:47am

Anna,

It's available to whoever the Seller is.  Just ask them to submit a Variance request for it to appease them.

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