Home Selling in 38351>Question Details

Linda Lipsco…, Real Estate Pro in Lexington, TN

Any tips for Bank of America short sale??

Asked by Linda Lipscomb, Lexington, TN Sun Mar 21, 2010

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Thanks to all for your help. BOA says they will get it done, but could be months. I have the patience, but not sure the buyer does.
Web Reference: http://LindaLipscomb.com
0 votes Thank Flag Link Wed Mar 24, 2010
Have oodles of patience!

Bank of America is one of the worst Banks to deal with. They are understaffed, and set improper expectations.

Good Luck!
0 votes Thank Flag Link Tue Mar 23, 2010

Just one quick note. Yes, I did close the short sale with Bank of America. Along the way, I learned oodles about their 3 phrase short sale file review and approval process and have written about it numerous times here on Trulia.

The short sale first promised to take only 90 days, but we did not receive our approval from the bank for five months, and closed on the sixth month. Ultimately, B of A did screw up the paperwork on the short sale, which led almost to our not being able to close escrow, and both the listing agent and I had to agree to reduce our commissions to make the sale go through--another story for another day, but, we did close. While I have not had an occasion yet to post a short sale using the Equator system, I have already tried it out (as far as I can without logging in a short sale) and it does appear to be far more efficient than the 3 phase method of the past. Equator will not necessarily delete the previous file steps for approval of a short sale, but it should definitely shorten the time interval between the phases.

So, take heart, and, yes, there are instances where the short sale is approved and the buyers do actually get the home!

Grace Morioka
Area Pro Realty
0 votes Thank Flag Link Tue Mar 23, 2010
Hi Linda,

I have been dealing with B o A for about 6 weeks and so far so good, other than one
deal starting with the Bank first, then being assigned to Titanium Services and then
re-assigned to Equator! All this causing delays.

But I do think they're trying and the new Equator system is a step in the right direction. You can get a feel
for the new system at Equator.com. Hopefully other lenders will come along on this system also in the future.

Feel free to contact me in the future to see if I actually close anything with Bank Of America.
0 votes Thank Flag Link Mon Mar 22, 2010
Lots of asprin...... Linda with BOA the process seems a little longer and more stressfull due to the lack of communications. If you are negotiating the short sale, it requires daily calls and emails for you to get an update, if you can get a handle of where they are in the process, then you can better prepare the buyer and seller. Thier process is a good 3-6 months. Some steps to look for are once they receive the short sale package it is reviewed by a processor, once the package is deemed complete a negotiator is assigned, the negotiator requests the appraisal, usually a 3 week process, 1 week to get the orde rout and 2 weeks to get the appraisal back. Then it usually takes 30 days to get an answer or counter offer for you. Remember the squeaky whell gets the grease, so if you are calling they are forced to deal with you where if you sit and wait, you keep going to the bottom of the pile. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Mar 22, 2010
Hey tennessee! How you doing?

The fact is you must compel and legally force the bank to liquidate the home to the owner or allow the owner to sell it at a discount....as you say a short sale.

Realtors must understand the lender may not even own the home. Beleive me and what i say. Your asking a lender who has no standing to sell you a home they cannot. It makes no sense.

Our research and experience is based on evidence and lots of it. This is something I know sounding to far out or even bizarre. Yes, thats wgat the lender wants you to think. Its not until the sale t your seeing the lender actually taking title.

Mr. Shafer Please.

Web Reference: http://foreclosureinfosearch.com
0 votes Thank Flag Link Mon Mar 22, 2010

If you're listing a short sale for a client, then you can be one of the first to try the new Equator system to obtain price approval for the home. Equator promises to be faster than the three to six months that it has been taking Bank of America to approve short sales in the past. You can check out the service at http://www.equator.com.

If you're the buyer's agent working to buy a home listed as a short sale, check to see if the home was listed with the Equator system as you should be able to get approval faster. If not, however, the key to working with B of A is patience and persistence and also giving the client as much information as possible about B of A's three phase procedure for reviewing and approving files.

Good luck!! As the buyers agent on a B of A short sale, I promise you that it can be done!

Grace Morioka,SRES
Area Pro Realty
0 votes Thank Flag Link Mon Mar 22, 2010
In a serious thought pattern, do not allow your client expect to get the tax refund. It is almost certain not to happen. The time frame is to short for a short sale to be expected to succeed in time for that refund..
0 votes Thank Flag Link Sun Mar 21, 2010
You are in for a frustrating process so put your patience hat on. If you run into any problems there is a website called short sale superstars. It is a fantastic site that has a Bank of America group and there is a ton of info and you can ask questions if you run into a problem.

They usually come around but it is looong. They say they are getting faster... that remains to be seen.

@Guy... laughing, that was pretty funny!!!

Good Luck!!!
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Sun Mar 21, 2010
Don't do it? Just rethink?
0 votes Thank Flag Link Sun Mar 21, 2010
group4610.com Give them a call, and save your clients (and yourself) tons of heartache.

Kevin Pellatiro
Hoping to help you take advantage of the market – when you are ready.
(615)714-7918 | kpellatiro@realtracs.com
0 votes Thank Flag Link Sun Mar 21, 2010
Take up drinking....it'll at least make the process seem easier
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Sun Mar 21, 2010
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