I have done a handful of short sales with Bank of America, and I am LOVIN' EQUATOR, their new automated short sale processing system. Before short sales were handled under this platform, the process was long and hard whether you checked in every few days or every month!!!
Heck, I closed one with Bank of America 2 years after the process started! I inherited this particular listing from an agent who just didn't have the time to deal with it anymore. I think the deal died and resuscitated several times going back and forth with the 2nd lien holder (Chase). So I'm going to say that before the Equator system, Bank of America short sales took at least 6 months on average from submission to approval.
The short sales I currently have on the system are moving along the automated process pretty smoothly, with everything up to the bpo being done in as little as 2 weeks! One recent short sale I closed took 2 and 1/2 months to get to approval, which is phenomenal compared to how long it took before.
if you've shied away from taking Bank of America short sales because it took so long and was so frustrating, you would be wise to start taking them now. Of course, my tip would be NOT to start the process with the bank until you've got an offer in hand because one of the first tasks on the system for you to do is to upload the offer, and you've only got a few days to do it before the task is considered overdue. In addition, the homeowner will not be able to upload their financials unless there's already an offer submitted by the agent.
Whereas I USED to exclude short sale prospects with Countrywide or Bank of America mortgages, I now seek them out. Funny how things turn around. Now, the pain in the bottom bank to deal with in my experience is Chase. I'll blog about that another time soon.
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