What is the average time most agents are seeing for a bank of america short sale process?

Asked by Josie Morrison, Lisle, IL Fri Aug 20, 2010

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Dianne Scott, Agent, Eustis, FL
Sun Aug 22, 2010
Hi Josie,

I don't know about "average" or "most" but agents in our office are seeing 9 months or more. Some are Equator "certified" and some are not. Seems to make no difference. A lot depends on the negotiator you get.

Web Reference:  http://www.DianneScott.com
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Jerry Grodes…, Agent, LOda, IL
Sun Aug 22, 2010
We just closed one. Had a 3 month closing date on the contract. The week of closing, we were emailed that the BofA rep got back from vacation and only then was beginning to look at our file. The best of luck to you.
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Lyle Wolf, Agent, Morristown, NJ
Sat Aug 21, 2010
If you are involved in a Bank of America Short Sale (or will be) the best source of information involving the experiences of agents is: http://shortsalebasics.ning.com/group/bankofamericashortsales. This is an online group of almost 800 agents and their ongoing experiences, issues and advice on Shorts with B of A.
There are also usefull telepnone numbers and document downloads from B of A as well.
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Judy Rowe, , Naples, FL
Sat Aug 21, 2010
I had two short sale cash offers on two properties with the same buyer and the same seller presented in June of 2009. One closed the end of April this year, the other is still pending but active. They have changed negotiators numerous times. We moved into the equator system just as it was being introduced earlier this year. After several contract extensions and no response for months, we finally seem to be seeing some forward momentum on the second closing. It is a good thing I have a very patient buyer!
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Aaron Ray, Agent, Memphis, TN
Fri Aug 20, 2010
Josie, I work Bank of America (BOA) short sales through NACA. Since obtaining a responsive and direct Asset Manager and NACA team in direct communications with BOA, it is taking my transactions an average of three weeks for bank response to offer. Cash offers are coming back in less than two weeks.

In 2008 & 2009, I had longer response times because my direct contact was not being as effective or efficient based on my experiences with my new NACA contact & BOA Short Sale team!!
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Joan Lorberb…, Agent, Boca Raton, FL
Fri Aug 20, 2010
The average time is a long time. : - )
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Pp Bb, Agent, Pomona, CA
Fri Aug 20, 2010
It is sooo much better now with equator. It's even gotten better in the last couple of weeks. Just make sure you have a complete package signed by everyone before submitting & it will go very smoothly. I suggest signing up for their webinars. I still don't like that they ask for the buyers first 5 of the social & their phone number. It makes buyers a little nervous.
Web Reference:  http://www.SoCaProperty.com
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Melinda J. R…, Agent, Grand Rapids, MI
Fri Aug 20, 2010
Josie, I think it depends on a lot of factors. I did one with Bank of America and it took 5 months for an answer. I have not done one with them since they have their Equator program, but an agent in my office said it was awesome and it only took three weeks from beginning to end to get an answer. I think it depends on if a full package is originally sent, how loaded down they are as well as the specific loss mitigator that you are assigned to etc. Not to mention.. is Bank of American the only lien? If there are other lien holders then that can add time as well depending on how fast th second lien is willing to work. Although word on the street is that Bank of America is pulling things together with quicker turn around times than they used to have.

I hope this information helps! Best Wishes!
Web Reference:  http://www.GoMelinda.com
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