B of A

This seems to be the question all of us wish we had a more clear answer to here in the Pacific Northwest.

Typically B of A is our toughest short sale. We are seeing a trend of 4 months before the sellers are hearing back from them and typically they are offering the clients a modification.

Then the seller is typically out of work or one of the spouses is not working and they do not have the income for the modification.

How long is BofA going in your area before they are sending out defaults?

Are they workable on the short sales?

What are you all seeing?

Urban legend has it they are talking about releasing more bank owned properties, which talk of this could drive prices down even more?

Replies

Ray Saenz February 1, 2010 at 7:09pm

Carrie,
I hate BOA, still I have not seen any good and well organized structure in the company, many employees they don't know what they're doing in BOA short sales deparment ! in my opinion is the worst lender so far.
Makoto Sato January 31, 2010 at 8:39am

Here in Hawaii, when you tell another realtor that the short sale that you're working on is with Bank of America, the first response is, "Oh no!"

Steve Londeau said:
We stopped taking BoA deals for a while there. With Equator being up and running, we have started to work them in again. We probably have different perspective than most on this site as we are investors that negotiate short sales that we purchase, then re-sell to retail buyers. (Sometimes immediately, sometimes in 30-60 days, every deal is different)

That said. I've not closed ONE BoA short sale in a year in Michigan. I have gotten 2 approvals on short sales nationally for other investors who I have negotiated for. They are slow, very difficult to work with, and are just now starting to show signs of life. Really, because of Equator. Things have gotten better, but are still difficult.
Steve Londeau January 27, 2010 at 11:01am

We stopped taking BoA deals for a while there. With Equator being up and running, we have started to work them in again. We probably have different perspective than most on this site as we are investors that negotiate short sales that we purchase, then re-sell to retail buyers. (Sometimes immediately, sometimes in 30-60 days, every deal is different)

That said. I've not closed ONE BoA short sale in a year in Michigan. I have gotten 2 approvals on short sales nationally for other investors who I have negotiated for. They are slow, very difficult to work with, and are just now starting to show signs of life. Really, because of Equator. Things have gotten better, but are still difficult.