why is bank of America so slow on short sales?

Asked by William Henry, Wolcott, IN Mon Aug 16, 2010

I am have been trying to purchase a home in Brookston, Indiana for the last 5 months and the bank is unreasonable on their price.

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Mon Aug 16, 2010
Bank of America has been much more receptive in the last 6 months to short sales. With BOA if you are facing a delay, chances are there is a communication breakdown, the negotiator and or listing agent needs daily contact with the banks negotaitor. Delays are caused when teh bank needs something but no one knows what they need due to a lack of communication usually on both parts. BOA has streamilined their process where you can get answers in less than 2 months now. At this point your negotiator needs to contact them to see what they need and get it tio them so the bank can make a decision.

please see my blog for tips and advice on how to get a short sale approved.
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Kenya Ferrand, Agent, Lafayette, IN
Wed Jan 9, 2013
Perhaps if you have your agent turn in a short sale package that includes a new CMA that supports a more reasonable price and offer, this may help. Because banks can't pick appraisers by law, and perhaps the appraiser was out of town or out of state and made his appraisal based on his local market. So to nicely show them that "Hay, I know you were told this was the right price. But we did a CMA that is right her in town today and this is what we are getting that the pice should be." Help them help you and, as our high school teachers would say "sight your sources" when giving an offer.
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