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Proof! Bank of America IS Streamlining Short Sales... I Have PROOF!

A few weeks ago I wrote about the NEW streamlined process on short sales at Bank of America (If you missed it, CLICK HERE) I also got lots of comments from people that just don't believe it!

Well, today it was confirmed. We had a buyer fall out on one of my approved shorts and when I contacted BofA for resubmission they sent me a note that said we had to follow the new procedure and they sent me a "brochure" as they called it.

Here's the link to see the new Bank of America Short Sale Brochure... it's so new that this appears to be a proof that the mitigator sent me!

The client/seller will now call BofA directly, give them some info, and a file will be setup on REOTrans.com for the short sale. Then you as the agent will be able to login to this online portal (if the seller authorizes you) and upload the documents needed such as HUD 1, contract, etc.

Supposedly you will be able to see status updates real time and know exactly what's going on... sounds like we're in a dream! (or a drug-induced coma!)

Can't wait to get this first one started under the new program! It can't be any worse than their old method (knock on wood!)

Anyone involved in the new process yet? I'd love to hear how it's going!

RESOURCES:

For Real Estate Agents: Subscribe to my weekly e-zine at www.AndyTolbert.com

For Homeowners: BeforeYouShortSale.com and SeminoleCountyForeclosureBlog.com

For Investors: IRCFlorida.com

Posted by Foreclosure Specialist Andy Tolbert on 10/26/2009 05:05 PM

Comments (5)

Bank of America Short Sale Processing in the Mortgage / Finance Channel

shortsales, short sales, bank of america, countrywide

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5 Comments on Proof! Bank of America IS Streamlining Short Sales... I Have PROOF!

OCT

Hi Andy. Yes I have (in Tampa Bay) and some move faster with Bank of America than others. I am currently working on two pending short sales with BOA. One of them is running smoothly ever since the changes have been implemented while the other is not partly due to it having two mortgages. ~ Lana

OCT

This is great news.

I've done some short sales via RIOCentral.com and RES.net online portals. They are a breeze. More like an REO than a short sale. It's about time.

OCT

Working on the buyers side of Bank of America and I wouldn't give you a buck fifty for them. Not sure if the listing agent didn't do something right or what but closing was supposed to be yesterday and now we don't know when it will be. Apparently the "final" HUD had to be in BOA hands 72 hours before closing. Almost impossible with as slow as they are to respond. So everytime something was not right on the HUD it has to be changed and guess what, your 72 hours start over again. Will let you know at Xmas.

NOV

Gene cracked me up - "Will let you know at Xmas...". Sometimes that is the way it feels.

Andy, I haven't done any short sales here with BofA recently. I look forward to reading more about the experiences of other realtors who have used this new streamlined procedure.

NOV

I am a buyer who is trying to purchase a short sale. The title company agent is doing all the ground work on behalf of the seller with this new REO program from BOA. So far it has worked great in the sense that she can check it daily to see what new "requests" they have for the seller and buyer. Just got a request on Friday for a couple pieces of information that she said could have stopped the whole transaction had she not known they needed them and in what time frame. Hope this speeds up the process!

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