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Did I Wake Up In an Alternate Universe? Short Sale Response from B of A in 14 Days?

By
Real Estate Broker/Owner with Hawaii Life Real Estate Brokers RB 20262

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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Yvonne Ahearn Honolulu Real Estate Kailua Realtor Honolulu Realtor Homes in HawaiiYvonne Jaramillo Ahearn, Esq. (B), REALTOR
Principal Broker, CRS, GRI, ABR, CLHMS, e-PRO
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Comments (3)

Kristi DeFazio
RE/MAX Advantage - Colorado Springs, CO
Colorado Springs Rea lEstate 719-459-5468

THat is excellent news indeed. You got lucky! My last one with B of A took 8 mos.

Feb 17, 2011 05:57 AM
Yvonne Jaramillo Ahearn, Esq. (B)
Hawaii Life Real Estate Brokers - Kailua, HI
REALTOR-Broker, CRS, GRI, ABR CLHMS

Hi Kristi - Maybe this is an indicator of shorter turnarounds for all of us in the future. I just hope it does not get held up with the investor. Have a great day!

Feb 17, 2011 06:33 AM
Yvonne Jaramillo Ahearn, Esq. (B)
Hawaii Life Real Estate Brokers - Kailua, HI
REALTOR-Broker, CRS, GRI, ABR CLHMS

And it got better today.... the negotiator responded to an email I sent with a "thank you." In my past short sale with B of A, emails I sent, even ones marked "important" or "critical," never even got a response.

Feb 18, 2011 02:39 PM