Home Buying in Indianapolis>Question Details

Lori Chamber…, Home Buyer in Chicago, IL

Can anyone advise on the Bank of American REO purchase process?

Asked by Lori Chamberlain, Chicago, IL Tue Jul 3, 2012

We are about to make a cash offer on a REO home owned by Bank of America. I am just wondering what to expect during this process, i.e. when will we actually hear if our offer has been accepted/declined from the bank; and if accepted, how long does the process take?

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Answers

6
I am a BOA REO agent. It's important to distinguish between a REO offer and short sale offer. While the short sale process is difficult, the REO process is not difficult to navigate.

Expect a response to your offer between 24-48 hours from when your offer is submitted to BOA, assuming you are not in a multiple offer situation.

Once verbally accepted, BOA will send their addendum package. Once this is completely filled out, it may take 48-72 hours to receive seller signatures. A missed initial or signature will delay this process.

Expect them to want to close 30 days from when the offer is fully executed.

Don't be afraid to look at BOA properties.
0 votes Thank Flag Link Fri Jul 20, 2012
Lori,
Bank of America has a 800# that an agent can verify if documents have been logged into the system. Using the 800# in addition to directly contacting the assigned agent is the best way. It allows you to verify that all the proper documents are being added as to not slow down the process. Best of luck, James
0 votes Thank Flag Link Fri Jul 20, 2012
Lori,

Try and tell yourself a mantra everyday like: Patience is A Virtue. Kidding aside, just because it has been accepted does not mean it will happen. As they say Cash is king, especially to a bank. Good Luck!
0 votes Thank Flag Link Fri Jul 20, 2012
Lori:

Expect a long wait. I've had an accepted offer on the table with a BofA short sale for 2 months. We just heard that the loan servicer has changed, and we're back to square one.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
joe@joeshoe.com
http://www.facebook.com/joeshoe
http://twitter.com/#!/jojosmojo
0 votes Thank Flag Link Sun Jul 8, 2012
LOL, Mr Weaver is on point....so many of us feel the same way although I have seen that they are making attempts to improve their process, it can still be a bunch of madness.

That said, you found a home, fabulous! I'm assuming you will be an owner occupant - go through the steps and see what comes of it. Generally, you place your bid, they accept or counter, much like any other transaction. Other bank owned properties will let you know w/in a day, seriously. Then possession can occur shortly thereafter since you are paying cash.

Feel free to call if you need some help with the process and good luck!

Claire-Anne Aikman, SRES
317.345.6640
0 votes Thank Flag Link Tue Jul 3, 2012
My advice would be: avoid boa. Sorry, it usually is a long process with them. Best of luck though!
0 votes Thank Flag Link Tue Jul 3, 2012
Yes, I had a feeling that would be the case. We have several mortgages with them and it is always a struggle to speak with a competent person!!! Thanks for your input.
Flag Tue Jul 3, 2012
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