OK, so I have a client that received a notice of auction date over 1 year ago. She moved out of the home before the sale date. 6 months later she gets a notice from the HOA. Long story short is B of A never foreclosed. I listed the property for sale and finally got an approval last friday. Keep in mind that the property has been vacant for 12 months and my client has not made a payment in 24 months.
I took another short sale listing 6 weeks ago, and of course it is owned by Bank of America. I got a call from the seller saying that he was going to move back into the home since he heard that he could live in the house for another year or two without making payments before B of A would do anything.
Does anyone have any advice on how to get Bank of America to push these faster?? Or do we just avoid taking on Bank of America owned properties??????
Tom
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What State are you in? In California I have noticed that they seem to drag their feet when the home is part of an HOA. In California the HOA can peruse the home owners for the delinquent amount owed even after foreclosure so the banks don’t usually want these unless they are ready to move them. Now i have noticed that the banks move quickly when the have an actual sale date approaching and you have a complete package in equator. Have you tried to contact the President’s office at BOA? They will usually expedite things if you have your file in order.
I've averaged 80 days on my last 3 boa deals. I would try to control that other seller though. It seems to me they will make you miserable should you get an offer right away. Lately I really like BOA other than their crazy addendums and approval verbiage, but the start to finish is pretty good.
If you have issues tweet them. That has been the fastest way Ive gotten a response.
The quickest one that I had was 3 weeks from submission to approval letter. Slowest was almost a year. Typical short sale approval times are 90 to 120 days with BofA