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!
Area Pro Realty
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.
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
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!
Area Pro Realty
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!!!