Home Buying in 08755>Question Details

Marieager, Home Buyer in Toms River, NJ

It's been 4 weeks since BOA stated they were sending out someone for BPO on my short sale. Is this typical for BOA? Anything I can do to speed up?

Asked by Marieager, Toms River, NJ Thu May 31, 2012

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8
Hi Marieager,

I understand your frustrations. If there were something that could be done to speed up the process, i am sure your agent would be doing it. They may have done a "drive bye" BPO already and you were unaware of it.
1 vote Thank Flag Link Thu May 31, 2012
As indicated below, I'm thinkint that that BPO has been completed at that the bank is sitting on with all the other BPO's. Its a really sad situation with BOA. I ended my career with short sales when I had cash offers above the BPO's, the bank insisted on more, then after the foreclourse process, the properties sold for less than my cash offers . . . go figure! (although I am told this is a way to remove any and all liens from the property).


Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931 (cell/direct)
0 votes Thank Flag Link Thu May 31, 2012
No there is absolutely nothing you can do.
0 votes Thank Flag Link Thu May 31, 2012
Do not expect quick response from BOA. They paperwork seems endless and they always need another approval to move forward. Good luck!
0 votes Thank Flag Link Thu May 31, 2012
Thanks! With everything I am reading about BOA and their ss process, I am wondering if I should even proceed. It has already been almost 4 months and we are not even sure if our offer will be accepted.
Flag Thu May 31, 2012
The listing agent mat be able to go the equator.com website to check on the sale status.
0 votes Thank Flag Link Thu May 31, 2012
Thanks! I will contact her and see if she can find out the status. I thought contacting the listing agent was being a little too pushy. I'm sure she wants the sale as much as I want the house!
Flag Thu May 31, 2012
How would you know they have not been there? When I did them I would drive by, take some pictures from my car and go back to the office and fill out about 1-1.5 hrs worth of paperwork for $40-50. I was told to do the BPO withing 3 days or they would give it to someone else. I have no idea how long it was before they did anything with it. Sometimes they get more than one which would add more time.
0 votes Thank Flag Link Thu May 31, 2012
I spoke to the listing agent and there is a lock box on the property. She told me that nobody has contacted her to open the door to do the BPO. I was under the impression that they also had to be "inside" the home to do one. A "drive by" is enough to do an appropriate BPO for all circumstances?
Flag Thu May 31, 2012
Unfortunately..............patience. Wish I could say otherwise.....
0 votes Thank Flag Link Thu May 31, 2012
We put an offer in on Feb 1st. All my internet research says BOA's timeline is 1 - 4 weeks. I also read BOA is one of the worse banks to deal with. I am wondering if "hanging in there" is worth it anymore? I just want a house! :(
Flag Thu May 31, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Its funny, when they give us a BPO, we are required to do it within 48-72 hours, or we lose it.

Then, it takes them 3 weeks to digest it!

NO!
there is nothing you can do:
we suspect that if someone bugs them, that your file could go to the bottom of the pile.
think about it.

Good luck and may God bless
0 votes Thank Flag Link Thu May 31, 2012
Thank you so much for your quick response! If only BOA would respond so quickly! Going to try and hang in there! :)
Flag Thu May 31, 2012
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