Is BOA required to follow short sale guidelines?  I showed a property today that is a short sale listing.  Later I learned that BOA holds the mortgage on the property and has told the listing agents that it will be 60-90 days before they will respond to an offer.  It is my understanding that if a lender accepted bail-out money they have to abide by the government guidelines for short sales and render an answer within 10 days.  Am I the one who is mistaken (it would not be the 1st time!!!) or is BOA thumbing their nose at the guidelines? Or do they have until April 5th to start complying and won't do it a day earlier?  After all, don't they already have the bailout money in hand? All answers and opinions will be greatly MoneyMoneyappreciated!!!

         money           money                                  

Renee L Norton

Keller Williams Realty Hoover

205-914-0857

www.Bham-Listings.com

 

 

 

 

 
Post is included in group: Diary of a Realtor
Post is included in group: Keller Williams 'Rainers
Post is included in group: Realtors®

7 Comments on Is BOA required to follow short sale guidelines?

JAN
24
2010
740,583 Points 22 Featured Posts Outside Blog

I don't know the answer to that one.  But no bank I know of is answering in ten days
9:55pm • #1
113,372 Points 1 Featured Post

Russ - I haven't gotten any answers in 10 days either.  I have seen guidelines requiring it...but maybe not until April.
9:59pm • #2
315,303 Points 5 Featured Posts Called Shot Master

Renee,

60-90 days is crazy.  Of course, I've heard via Active Rain...that sometimes a cash offer close to list price never gets accepted...and the home goes into foreclosure.  Makes absolutely no sense from where we stand. Of course, if we could see the TOTAL picture...someone must be gaining from this mismanagement.
10:43pm • #3
5 Featured Posts

Renee, If BOA is subject to those guidelines, they are NOT following them.  I haven't been able to get a short sale through their system.  It is full of chaos.  Here's what a BOA short sale clerk told me on the phone:

“Sir, we have multiple checklists, depending on who is the supervisor at the time, and I’m sorry but it’s chaos in our short sale department. I’m not supposed to talk like this. Our investors are demanding that we require certain items, no matter how impossible it may sound, and we have no flexibility. We have requirements, which vary as I said, and we apply those nationally. I’m so sorry but our investors are requiring this, and I have no authority to help you, no matter how reasonable your request may be in your market, if you cannot meet all of our [multiple] checklist requirements. And I cannot promise you that the offer will be considered within any particular time period. We usually take 30 to 90 days to process a request, but it could take any amount of time, but we have files we haven’t been able to get to in months.”
10:52pm • #4
113,372 Points 1 Featured Post

Sonja - Chuck --- Thanks for your comments.  It seems as if we're all experiencing the same problems...no wonder BOA needed a bail out!
11:17pm • #5
JAN
25
2010
997,447 Points 4 Featured Posts

Renee, I have had one there since October, I would think at least in my case, when all the paper work gets there. Ever week we are ask for a different peice of paper. I did not know about the 10 day rule but I bet it has something to do with when does the clock start.
10:39am • #6
113,372 Points 1 Featured Post

Charles - I think that it may be April before it is required to follow the guidlines .  Then the clocks should start ticking...not much help for those seeking the home buyer tax credit.
2:29pm • #7

Login or register to leave a comment