Wow! was all I could say this morning when I checked my email and saw a counter offer from B of A.
I submitted a short sale offer to Bank of America 14 days ago. In the past two weeks, I uploaded all the required documentation, on schedule, including all the homeowner documentation. The BPO was completed two days ago and I got the last required homeowner document in yesterday.... So I was just a little bit suprised to get a response so quickly.
To put this in context, I should tell you that my last short sale with Bank of America, completed a few months ago, took 11 months to close. During this period I managed virtual unresponsiveness from the negotiators, a nervewracking series of 10 or 11 sale postponements, 5 separate negotiators, 2 buyers, dozens of conversations with attorneys and lien holders, multiple series of escalations, and a even a letter to the CEO. Needless to say, it was a nightmare, and to get even an initial response from B of A on the first offer took 4 months.
On this one, we are still not out of the woods, because IF we can make B of A's counteroffer response work with the Buyer, it must still must go to the investor and that could change everything, but I am still practically doing cartwheels at hearing from Bank of America this quickly. I hope I am not speaking to soon, but I guess they are serious about cleaning up their act.
Hope all you others out there in short sale land are having sucess with your own short sales. Aloha.
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