After waiting four months for Bank of America to assign a negotiator to even look at our short sale package and offer, the buyer unfortunately found another property and cancelled his offer. The two back up offers we had on the property, backed out of the deal a long time ago.
In a desperate attempt this last week, we did everything possible to try to push this deal through before the cancellation. We even contacted the VP of Portfolio Retention for B of A with a plea for help. His simple response?
"Unfortunately there isn't a way to speed up a short sale. It is a process driven transaction."
I have two other short sales with B of A that are in process. One where I am representing the buyer, I can't even get confirmation from B of A that the offer was even submitted.
Is anyone having similar problems with B of A? Any suggestions on how to get these processed on a timely manner? We've done many short sales, all are a challenge but in our team's experience, none have been as problematic as B of A. Should we just cut or losses, and just boycott all short sales that have to do with B of A?
Thanks.
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Paul- That is par for the course for BofA. We got an approval though in 3 days on one of our short sales with them.
Once you learn their process and their public policy- you can hold them to it, when they miss the mark, you get the reason to bring it higher up the chain of command. I say, do what you have to do to find an assigning manager in each of the BofA locations and old CW locations and also the VP of each section. The higher you go, the more resolve you get! We get ours closed, but lots of times it takes a while.