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Patty, Renter in Mission Viejo, CA

How long does Bank of America take in the whole short sale approval? (ordering BPO to passing quality control to approval)

Asked by Patty, Mission Viejo, CA Fri Jun 22, 2012

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19
I have to disagree with many of the answers below... BofA short sales are easy if you know their process and follow it.
0 votes Thank Flag Link Tue Feb 25, 2014
I agree with my colleagues when they say that Bank of America is difficult to work with. It is tough to say how long a short sale with them will take. There are so many possible scenarios and moving parts that the difference could be 6 months or more. I would just get the process started as soon as possible and keep the communication going between Agents and the Bank. If you haven't worked with BofA in the past, I would recommend using a short sale negotiator that has experience working with them. It is too late in the game to learn how to negotiate with BofA on your own.

All the best.
0 votes Thank Flag Link Tue Feb 25, 2014
It all varies. I had one short sale that took almost 3 years - most of it because the buyers kept backing out. The last Bank of America short sale I closed gave approval for the sale 5 months after we started it, and then 2 days later sold the note to another lienholder so we had to start all over again. Bank of America is probably one of the hardest to work with on Short Sales.
0 votes Thank Flag Link Wed Feb 6, 2013
Bank of America is VERY difficult to work with in regards to a Short Sale. I started the process back in June, I've submitted the paperwork numerous times!!!! I've had two offers, one of which walked because of BofA. I was fortunate to get two more offers and submitted the best one to BofA but now BofA says my file did not pass the "Quality Test" and I have to start completely over. I've submitted every bank statement and pay stub since June, I've done the 701 numerous times, I've filled out all the paperwork numerous times. I've had two BPO's done. But it expires while they are working on it so you have to do it all over again. I now know why people just walk away from their homes and let Bank of America Foreclose on their homes.
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Patty-
There is no set answer, and depends on many things. It can take 30 days to 6 months and that is with a GOOD NEGOTIATOR. I have 2 designations: "SFR"= Short Sale Foreclosure Resource and
"CDPE" Certified Distressed Property Expert. Call me to discuss your options.
I can help you!

Rusty Watts-dre.01405270
Coldwell Banker Beachside
rustywatts@gmail.com
714-658-7161
0 votes Thank Flag Link Wed Oct 31, 2012
Depends on the situation, mine have taken 1 month to 9 months. In some situations, we've received great offers and we presented them to the bank, the bank didn't accept the offer !! Eventually we did sell the property but at a much lower price than if the bank would've take the original offer. Good luck.
0 votes Thank Flag Link Sat Sep 1, 2012
Hi patty

short sales with any bank can take 30 days to 6 months average. How can I help you? Are you already doing a short sale? Contact me and I can answer your questions

Ingrid Ski Realtor
949-874-0432
Mission Viejo Area
OVAreaHomes@ gmail.com
0 votes Thank Flag Link Sun Aug 12, 2012
I recently did a shirt sale in CT with the Bank of America and it took Forever! It took us a little over 6 months with a lot of frustration to close.
0 votes Thank Flag Link Sat Aug 11, 2012
Good question and I wish I had a firm answer. As the other agents have stated, 30 days to several months. It really takes a lot of time, energy and patience to purchase a short sale. Having a knowledgeable agent will surely help the process. Good luck and stay calm.

Renee Hamilton - Hoover, AL Realtor
http://www.reneehamilton.realtysouth.com
0 votes Thank Flag Link Tue Jul 3, 2012
Hi Patty,

I have had a lot of short sales with BofA and it is different every time. Some are very quick less then 30 days, some take months. It really matters what is going on in the background. Good luck to you!

James Harvey
Broker Lic 01245563
714-612-9536
0 votes Thank Flag Link Fri Jun 29, 2012
Hi Patty,

I specialize in selling short sales and do my own negotiating. It is diferrent every time. I have had some take 30 days and some take 6 months. It depends on who the investor is and what type of loan it is and if the deed is clear. I can get a pretty good idea when I look over the file and the deed.

Cheryl Coleman
Star Real Estate
Lic 01428040
Cheryl@CherylSellsOC.com
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Patty,

Bank of America will tell you that their processess are set up to give you an approval letter or a counter offer in about 6 weeks. If there are no delays, this might happen. However, there are usually delays, so it usually takes longer. The most common delays are: collecting documentation from the homeowner, deciding if it will be a HAFA short sale or a regular short sale, negotiations with Jr. liens, BPO coming in over contract price, and finally the biggest delay..... losing your buyer because it took longer than 6 weeks.

Kevin Sanderlin
Keller Williams Realty
kevin@kevinsanderlin.com
Cell 714-588-7881
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Patty,

We had one we did in our office start to finish 45 days. There are several thing to take in consideration. We had only one loan. There are so many things that can happen and can come up. The best thing is if you do not have an agent, is to interview several Short sale agents in your area. that can go over the process.

Good luck.
0 votes Thank Flag Link Fri Jun 22, 2012
Bank of America came out with a new system April 14th where they said they would approve in 2 weeks or less. It's been my experience that this is not happening. I had a deal from February 4th that we just got a counter offer on the first of June. A week later they foreclosed on the property even though we agreed to all of the terms and over-bidded on the property. This is my fourth Bank of America foreclosure for the year. The departments do not talk to each other. I have a number of other Bank of America transaction working that our bid was submitted before April 14th and still do not have approval. I call them and tweet them on a weekly basis and work.
0 votes Thank Flag Link Fri Jun 22, 2012
All the major banks have a target of 60 days. They have done a lot of work preparing new programs, training personnel, etc. Best of luck,
Bill Smith
Huntington Beach Realty
714-756-1715
0 votes Thank Flag Link Fri Jun 22, 2012
You should be talking with your agent and the agent should be asking questions about when they expect certain things to happen.. It would be an estimate.. Depending on the type of loan.. say 3-4 months.. ONce the BPO has been done it can take 2-4 weeks to get an approval.. estimate amount of time.. They can tell the agent there estimate time frame.. Talk with your agent and have him or her update you weekly or bi-weekly


Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Fri Jun 22, 2012
Hi, Patty

It really all depends on the type of loan. I had one listing with Bank of America , they used the Equator system online for everything, and it seemed like it was only about 60 days with another 30 days for escrow.

I have another listing right now with Bank of America but the loan is FHA, and therefore they can't use the online system - AND it has now been 3 months, no BPO, nothing as of yet. They started a new process about 6 weeks ago, with new forms, new systems in place and I'm not sure if they have caught up with it. I did have a phone call today that they have put it into their system, but that means that we are looking at least another 8 weeks for approval and then 30 days to close after that if......and that's a big IF....it goes smooth. No BPO ordered yet, after 3 months.

I work a lot of short sales, both as the listing agent and buyers agent, and it really does depend on the type of loan, if the agent is very knowledgeable about short sales and if the seller cooperates in getting the information constantly needed by the lender to them quickly.
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Patty, Unfortunately there IS no pat, or standard answer. There are too many variables. If you get lucky, and the listing agent knows what they're doing, it might go from start to finish in less than 60 days.

That timing, however, is the exception, not the rule, as typical short sales still take many months to complete.

By the way, this isn't a B of A problem, practically EVERY lender has the same set of variables.

A few lenders, including B of A are doing everything they can, to streamline the process, including having the transaction go through the "Equator" online processing system - Chase just joined B of A and Wells Fargo, in that regard, and moves like that ARE shortening the process. ( The improvement, though, can be measured in DAYS, not weeks, or months.
0 votes Thank Flag Link Fri Jun 22, 2012
Patty,

B. of A. is moving very fast on these now. The last couple of Short sales I have completed with B of A took about 5 weeks to get an answer. On my last SS deal the BPO was done within 2 weeks. Approval came about 3 weeks after and we closed 30 days after that. Let me know if I can help in anyway.
0 votes Thank Flag Link Fri Jun 22, 2012
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