What are agents seeing for timelines on short sales with Bank of America at the moment?

Asked by Richard Dale-Mesaros, Meredith, NH Tue Dec 11, 2012

We just had a short sale approval that was just under three months - much quicker than our last BofA short sale of 10 months! I'm hoping this improvement in efficiency is a growing trend.....anyone else?

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5
Pat Rose, Agent, NH,
Wed Dec 12, 2012
Hello, I was the buyer agent on a BOA short sale. Under agreement 6/20 and closed 10/25, and that was with a short sale specialist working on behalf of the sellers.
1 vote
Scott Godzyk, Agent, Manchester, NH
Wed Dec 12, 2012
I have completed them in as little as 60 days. The key is having a listing agent who is well experienced with short sales and BOA. Next is making sure you are using a professional negotiator for the seller. The 3rd is being prepared and doing it right the first time. It takes daily calls, emails and alot of effort but it pays off with an approval. I asctually enjoy working with Bank of America.
1 vote
Thanks Scott!
Flag Wed Dec 12, 2012
Annette Law…, Agent, Palm Harbor, FL
Wed Dec 12, 2012
Richard,
Like you I have experienced a RADICAL improvement regarding Bank of America approval timelines.
They have been consistently coming in as 'approved' within 60 days. Of course, Bank of America will still find a way to foul the process with all the stuff they will pile on in the process, then renege the last week. BUT the approval comes in much more rapidly!
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I can only hope they are doing something to improve their back room operations. Unfortunately, with the increasing volume of bulk sales, I fear the process will become less transparent (if that's possible) and less co-operative.

Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
1 vote
Suzanne MacD…, Agent, Morristown, NJ
Wed Dec 12, 2012
I wish Trulia had a 'like' button! Don is absolutely correct. I have one that fell apart completely when, just as we were about to complete negotiations, Fannie Mae stepped in and decided the home was worth TWICE its actual value. On another one has been held up for 2 months now because the appraiser listed the address as 'main street' instead of 'west main street'. Honestly, I think there needs to be an act of congress taking short sales OUT of the hands of the banks and the government and putting them INTO the hands of realtors. Let the professionals take over and let's get this market back on track!
1 vote
you can click the thumbs up botton.
Flag Wed Dec 12, 2012
I've been using 'Short Sale Mitigation' - they do a great job, they're on F/B....
Flag Wed Dec 12, 2012
Don Maclary, Agent, Virginia Beach, VA
Tue Dec 11, 2012
It is real simple, They need to be renamed! Now referred to as LONG SALES :) http://www.chooseahomenow.com/search for clean deals
1 vote
Soooo, are you seeing timelines shortening yet?
Flag Wed Dec 12, 2012
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