Forum

Bank America and their Idiotic Systems

Posted by Cody Lampariello on September 14, 2011 at 9:57am in Short Sale Discussions

I love how Bank of America puts out this fantastic advertisement about their new system to change out buyers on short sales that is basically the same exact system. Now instead of a Hard decline on a file where you have to resubmit the entire file they do a soft delcine where you have to resubmit...the entire file.

Basically the only difference is that you can re-use your BPO if it's less than 90 days old and you can reuse the financials if they are less than 60 days old. However since the average appoval time for BoA is somewhere between 60 and 90 days from when the BPO was done it will most likely need to be replaced. Basically the only difference is that you get to keep the same negotiator.

Has anyone else had a different experience with this? I have done it now on 4 files and if the negotiator doesn't screw up and hard decline the file anyway this is basically the process. I'd love to know if there is another way though.

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Smitty September 15, 2011 at 4:03am
    I've gone through the soft decline.  It held my file up about 3 weeks.  I think the only difference is you don't have to input a new approval etc..   It's TOOOOO over automated in my opinion.  I'm not a fan of Equator.  So for instance in my second file, I got a message that they were ordering a new appraisal, only the one on file was only 3.5 weeks old.  I emailed the negotiatior immediately and asked if that was truly necessary as another appraisal would hold things up more and thankfully she agreed.
  • Holly B. Long September 14, 2011 at 6:08pm
    I had 2 awful experiences --where as soon as one buyer walked - I put in another buyer --Just like they advised us to!  Only to have the negotiator "make a mistake" (according to BOA) and hard decline ---causing me to be back at square one on both of these sales!  What a joke!!
  • Alexander Max September 14, 2011 at 3:52pm
    Same experience on two files . They are so slow , incompetant and make double work for all. What do you expect from a government operation.
  • IRESDiana September 14, 2011 at 12:39pm

     

    Cody, I absolutely agree! That fantastic advertisement put us Negotiators in a really tough place.... As if we don't have to work hard enough to prove we're working hard enough....... My last two did, indeed, take the same 60 days that it would have before the "Grand Announcement", and everyone was questioning my process! thanks, BOA! 

  • Eric Mieles September 14, 2011 at 12:14pm
    YES, I just fought today because I was proactive, sent the negotiator a message to do the soft decline because of our new buyer. She confirmed and agreed on 8/23. So to my surprise we get new tasks this morning and I call in and find out she soft declined it today!

    We had already uploaded new offer and were expected to communicate with our closing coordinator today. I'm interested in everyone else experience as well.
This reply was deleted.
********************************** like buttons ************************