If you could ask Bank of America one question, what would it be?

Good morning superstars, hope you are having a great week!

I want to pose a question to you.  Let's keep this high level and focus on a solution.  Lately there are alot of posts about Bank of America.  Alot of talk about issues with Bank of America short sales.

If you could ask them one question, in one sentence, what would it be?

Please nothing derogatory and nothing about a specific property.  A general question about their short sale process.

What I want to do is see what question comes up the most and then I will forward that question to someone at Bank of America who I know listens and who I know is a solutions based person to see what his thoughts are.

My question:
Why is there such a restrictive policy on switching to a new buyer after the first buyer falls out?

 

Anyone care to send me their question?

 

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Replies to This Discussion

Permalink Reply by Wendy Rulnick on April 3, 2012 at 2:12am

Jeff, They really are good to work with, for the most part. My request  is - would they stop repeating in every phone call: "Have you visited our agent resource center" and "Would you like to rate the level of my service?".... :) 

Permalink Reply by Satar Naghshineh on April 23, 2012 at 8:47am

You still talk to short sale support?  I would think you would be on speed dial with escalations. ;)

Permalink Reply by Kimberley Kelly on April 3, 2012 at 2:17am

Why does it take so long to get a revised appraisal when it comes in REALLY high?

Permalink Reply by Michael Schneider on April 3, 2012 at 5:30am

I agree with you, Wendy.  The Dark Days were back in 4Q2009, but that improved by about mid-2010.  But, man, those days were amazingly bad.

Q:  Why is the FHA process so backward?  Can BofA really not engage with FHA senior management to update their processes? (Eg. I was just asked today to please move my numbers from my Equator-style spreadsheet onto the FHA handwritten form.)

Permalink Reply by Smitty on April 3, 2012 at 10:17am

LOL - What did I miss in the webinar yesterday?

@Erik Larsen - I'm living in my own bubble here but l really like BOA for the most part.  I get the investor info immediately by faxing in a 2 page QWR and they mail it to me OR I have literally asked the negotiator on the phone and some are great and tell me exactly who the investor is.  They usually tell me exactly what they will pay to a jr too, so that isn't a problem, but as far as their threshold NET, I'm not sure any lender is going to give you that in EXACT terms because we work on different sides of the post.  If they give us the lowest the investor will NET they've shown their playing cards.  I WISH we could get that, but I don't think that will happen.

Permalink Reply by Kevin - Greenville, SC on April 3, 2012 at 8:58pm

Hmmm.  I've been faxing BOA a QWR almost every week for the past 4 months directly to the department that handles these requests.  They have yet to send the requested info.

Permalink Reply by Jim Schneider on April 4, 2012 at 5:05am

Kevin,

the requirements include it being mailed, not that they couldn't answer it if you faxed it, but if it is mailed then they have to. I have had all of my QWR's to BofA returned, within the 60 business day thresholds.

Permalink Reply by Smitty on April 4, 2012 at 9:54am

Jim is right on.  They have 60 days to respond, but it must be in writing and mailed.  HOWEVER I fax to this number 1-800-520-5019 at BOA and get responses back within 30 days most times, mailed to me.

Permalink Reply by Lynn Doss on April 3, 2012 at 11:12am

I would like to know if an individual can submit a third party short sale offer?  My Buyer would like to make an offer on a property.  The Owner does not want to submit the offer/will not submit the offer.  THe property keeps going on the market for foreclosure and then pulled the day before the sale.  My clients really want to buy this property, but are not sure how to get thier offer to Bank fo America.

 

Permalink Reply by Kevin - Greenville, SC on April 3, 2012 at 8:59pm

agreed. Until BOA takes ownership of the property, your Buyer can do nothing without the cooperation of the current owner.

Permalink Reply by Jeff Payne on April 4, 2012 at 1:21am

Lynn Doss, did the seller even accept the offer?  What the house listed with a realtor?  What do you mean the property keeps going on the market for foreclosure?  Confused :(

Permalink Reply by Kevin - Greenville, SC on April 4, 2012 at 4:50am

I think she means it keeps going to the FC Sale, but gets pulled prior.

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