Spencer Janke…, Real Estate Pro in Cottonwood Heights, UT

Any of you all out there having some good success with Bank of America in regards to Short Sales?? Love to know your opinions

Asked by Spencer Janke -- Utah Cribs, Cottonwood Heights, UT Fri Feb 5, 2010

I have had several Short Sale Files with BofA and they are always a nightmare. Wondering what you all are seeing.

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5
Let me tell you a true story. I'm pretty good with technology so one of the agents in our office asked me the help her out by creating a list of properties in foreclosure in a local subdivision. Wasn't too hard and when I was finished she took it excitedly and said, "I'm going there right away to set up short sale appointments, but I won't bother to stop at any body who has a Bank of America loan. They are a waste of time." Is it different any place in the US? Doubt it.
1 vote Thank Flag Link Fri Feb 5, 2010
I generally have 20-30 short sales at any given time of which at least 50% involve Bank of America. Since they went to Equator in early 2010 they are generally pretty easy and in fact one of my favorites at this time. With Equator you can generally get a short done in like 4-7 weeks on average. Are there exceptions? Sure. But for the most part BofA short sales are not bad at all at this time.

HAFA is the current nightmare of all shorts.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Fri Jun 10, 2011
It's not as bad as it used to be. They are probably the largest servicer in the country so at one point or another you are going to have to use them if you want any work in distressed sales. B of A webinars do provide valuable feedback into conforming to the Equator system. Although we regularly wait on the negotiator, often I see too much inefficiency of the agent in submitting the packet and tasks in a timely manner.
0 votes Thank Flag Link Fri Jun 3, 2011
They are much better now. My last BAC took 5 weeks for approval. The new Equator system they use is great.
0 votes Thank Flag Link Thu Apr 8, 2010
BofA is subcontracting much of their local loss mitigation to Titanium Solutions 801-322-4442. They did my last one in 120 days.
0 votes Thank Flag Link Wed Mar 3, 2010
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