What we suspected is confirmed. Bank of America is the WORST bank to deal with when it comes to short sales. Agents, market observers like REALTY TIMES and Foreclosure Radar and others have lamented for a long time about Bank of America's unresponsiveness to short sales.
Representatives from the bank say their focus has been more on retention.
"It's been tough sledding," said David Sunlin, Bank of America's real estate management executive. "We've been wanting to improve the short sale process, but our focus this year has been on retention efforts," he said, referring to loan modifications and other foreclosure-avoidance initiatives.
BANK OF AMERICA HAS A SHORT SALE WEBSITE ? and look at their timelines....(drum roll, or prepare for a belly ache)
https://homeloanbusiness.bankofamerica.com/ShortSaleInformation.aspx seems to suggest they know what they're doing because they say that:
Once we have received a copy of the signed purchase contract:
- Within approximately 2 days of receiving the faxed documents, the customer or agent will receive confirmation of the received purchase contract. If the offer is possibly viable, an interior appraisal will be ordered.
- Within an additional 3 days an appraiser will be assigned, they will contact the customer or their agent to schedule an appointment to conduct an interior appraisal.
- Approximately 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by us. This is absolutely dependent on obtaining access to the property in a timely manner.
- Upon receipt of the appraisal, we will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
After satisfying the bank's requirements, they say
Once all parties, including additional lien holders, have agreed to the negotiations, Bank of America Home Loans and/or its investors/insurers will render a decision within approximately business 5 days.
The decision to accept or decline the short sale will be communicated to the customer and/or their agent within approximately 48 hours of the decision.
Short Sale Customer Service - 1.866.880.1232 Short Sale Fax -1.888.491.4947
HA! Make that a TRIPLE HA!
Someone please tell the new BOA head honcho, Brian Moynihan, that they LIE!
Recent experience with Bank of America:
- Submitted offer in June ---- didn't get response until early November. It's a good thing the first time buyer tax credit was extended, and that the buyers were patient. Finally closed end of November after 5 months of extensive follow ups.
- Submitted offer in August --- still no response.
- Another short sale agent said previous buyer backed out. Bank is ready to respond 7-10 days after we submit offer, and that we can close in 30 days. That was in October. Still no response.What 7-10 days are they talking about?
Carole Rodoni, renowned speaker, addressed our company today, and even she confirmed that Bank of America is one of the worst when it comes to short sales. She said that the teams are still looking at offers that were submitted in April. What buyers are willing to wait that long?
QUESTION TO ASK ABOUT THE SHORT SALE LENDER
When looking at short sale listings, besides asking how many lenders there are, we look at WHO the lenders are.
If Bank of America is one of them, my buyers now move on. THEY CAN'T, AND WON'T WAIT!
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