Recent Bank Of America Short Sale Experience in SW Florida???

We are trying to purchase a short sale home in sourthwest Florida.  I would like to get some insite from others on how long it took and what the experience was like with BOA in this area recently?  We have heard good and bad about BOA from people all over but no one in this general area.  We do know this is most likely to be a long process however it seems to be moving along and the sellers seem to be motivated even though we have only been under contract with them for 1 mo.  The sellers have another place to move to and have started moving a few things out when we saw it as well as cooperating with the paperwork needed.  Our realtor advised us that we might start to hear where the file is at around 30-40 days and felt our offer was strong.  We know that the list price doesn't really matter but we went $10K over since there were many other offers on the home and we got the contract.  Our realtor feels there will probably be a small counter from the bank when they do respond.  We have not heard much of anything at all.  I know there is no general rule as to how long these short sales take but am curious to hear any recent experience in this area?  Thanks

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Permalink Reply by Smitty on May 15, 2011 at 1:06pm

Has the valuation been done on the property?  You won't hear anything unless the valuation has been done.  Bank of America can be smooth or a complete nightmare from my personal experience.  It depends on the file, negotiatior, the investor, etc. 

 

After the valuation, you will likely have a counter or acceptance.  Most every file I've worked on was a counter.  We did have one complete rejection, but this was before Equator.  The rejection was good though because it allowed us to see what they wanted to NET which was a number that the buyer could work with.

Try to see if you can get updates from the listing agent if at all possible. They should be able to update you on the file and let you know where it's at in the process.  This will give you SOME indication of how long your wait time may be, but obviously there is never a guarantee in short sales.

Permalink Reply by Wendy Martin on May 15, 2011 at 1:21pm
B of A in my experience WAS the easiest and fastest to deal with.  However, this month much of upper management is changing and files have been lost, negotiators in long meetings all day, etc. As long as your agent is diligent and available early in the morning things should move along but I've had to be extra aggressive with them lately.
Permalink Reply by Ann on May 15, 2011 at 2:26pm
As far as we know the valuation has not yet been down on the property.  How long in your experience has the valuation taken from when the contract was signed with the sellers?  Just trying to get a general idea of when we can maybe hope to hear about that.  We plan to contact our realtor later this week if we have not heard anything from her.

Smitty said:

Has the valuation been done on the property?  You won't hear anything unless the valuation has been done.  Bank of America can be smooth or a complete nightmare from my personal experience.  It depends on the file, negotiatior, the investor, etc. 

 

After the valuation, you will likely have a counter or acceptance.  Most every file I've worked on was a counter.  We did have one complete rejection, but this was before Equator.  The rejection was good though because it allowed us to see what they wanted to NET which was a number that the buyer could work with.

Try to see if you can get updates from the listing agent if at all possible. They should be able to update you on the file and let you know where it's at in the process.  This will give you SOME indication of how long your wait time may be, but obviously there is never a guarantee in short sales.

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