Two interesting bits of information this morning. First, take a look at this chart from the Federal Housing Finance Agency. It shows the appreciation scale for housing in California from 1991 to present. Although we are not out of the slump by any stretch, it indicates the bottom happened in late 2008, which mirrors the movement I see in Sacramento's real estate market.
Second, another of my Bank of America short sales is about to be approved. What makes this Sacramento short sale different is the fact we submitted the file in early October, just as Bank of America was in the process of switching to its new system. The negotiator was assigned a month later in November. Typical. However, yesterday, Bank of America said the BPO will be uploaded next week; it expects approval in 10 days.
Blow me over with a feather. If this keeps up, I'll have to get a pacemaker. My heart can't stand it.
See, I envision this world as a place where a Sacramento short sale agent submits the complete package to Bank of America, and it's immediately acknowledged. The negotiator is assigned promptly. It moves from Phase 1 to Phase II within 2 weeks, goes to review, and Bank of America issues short sale approval 2 weeks later. Four weeks' time, tops.
But I'm a person who sees the glass half-full as opposed to half-empty.
It's too early to tell if this is a fluke. Last week we received approval on another Bank of America short sale within a 2-month timeframe. It could be a trend. Hard to say. But I'm keeping my fingers crossed. Because right now, I'm working on a boatload of Bank of America short sales.
If you're an agent or a seller who is exasperated by a delayed Bank of America file, ask to get that file escalated and transferred to the new system. Don't let it fall through the cracks. Once a short sale gets stuck, it's hard to unwedge it. Ask for a review of the file to ensure the bank hasn't lost any documentation. Put yourself in the negotiator's shoes. You've got 2 huge stacks of short sale files that reach the ceiling. One stack has every required document; the other is incomplete. Which would you work on?
Get timelines and hold the bank to it. Note your files. If Bank of America says it will assign a negotiator by Day X, call on Day Y. Follow up. And let me know how it goes. I'm always happy to hear from fellow short sale agents. Maybe someday we will all be as giddy about Bank of America short sales as we are about Wachovia short sales. You think?
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