Home Buying in 02895>Question Details

Bapearce, Home Buyer in Cumberland, RI

Since B of A has changed its process on how they do short sales have realtors seen any improvements on the timeline?

Asked by Bapearce, Cumberland, RI Mon May 14, 2012

They claim that all short sales will be approved in 20 days. Has anyone noticed thats the case?

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4
Pete Dufresne’s answer
My team does a large number of short sales in RI. The fastest we have gotten a short sale approved is 30 days and even that is not typical, usually they take 60-90 days. Unfortunately what the government agencies give as press releases to justify that they are improving the process(keep in mind there is an election coming up), it is not exactly what happens in the market. There is no one to enforce this 20 day rule on the bank's side.

So to answer your question, No.
0 votes Thank Flag Link Mon May 14, 2012
Years ago I had a short sale contract with Bank of America for one year. Buyer loved the house; he waited and is currently happy at home. Now, while every file is treated as case by case basis; it is possible for a short sale to close within 45 days. The reason why that's happening is because the short sale process has improved significantly. They are much more efficient at collecting data and most importantly, -for the most part- they start the short sale process prior to putting the house on the market. If you are going to deal with a short sale, you will be better off working with an agent that specializes in short sales and distressed properties. Look for the SFR and CDPE certifications:
CDPE, Certified Distressed Property Expert
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners.
SFR, Short Sales & Foreclosure Resource (SFR)
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
0 votes Thank Flag Link Fri Jan 31, 2014
I recently closed one of my short sale listings in Cranston in only 60 days with BOA. My team has a few others going through and they seem to be a lot smoother than previous.
0 votes Thank Flag Link Mon Dec 23, 2013
They say they will approve all short sales? I assume you meant that they will respond in 20 days with an answer. My last one with them took longer than that but there was a 2nd with Wells so maybe that added to it. I still feel there are a lot of sellers with inexperienced agents listing properties as short sales that are not going to qualify for a short sale because there is no hardship. I get calls often where a seller is wanting to short sale a house because they are underwater but still current on payments of a second or investment home. The bank will not even consider these offers so I am curious if BoA will reply at all to those. Time will tell.
0 votes Thank Flag Link Mon May 14, 2012
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