Bank of America Cooperative Short Sales Aren't So Cooperative

This isn't a news flash to any Short Sale Agent who's been dealing with Bank of America Cooperative Short Sale, but Bank of America Cooperative Short Sales are anything BUT cooperative.

The concept behind the Bank of America Cooperative Short Sale is a solid one.  Bank of America reaches out to distressed home owners who are behind in their payments and suggests a Short Sale if loan modification has failed.  The home owner gets relocation money from Bank of America, Bank of America doesn't have to spend the legal fees foreclosing on the home.  And the process is supposed to be streamlined.  Bank of America sets the list price after a property valuation.  If you get a full price offer, should be fast, right?  That's where the cooperative part of these Short Sales falls short.

I've got a Bank of America Cooperative Short Sale that has been under contract, at the full list price demanded by Bank of America, since late October.  In mid-December, I was contacted by the third party company that Bank of America uses to handle these cooperative Short Sales and begged for an extension to the Short Sale Approval deadline and and extension to the settlement date.  Buyers and Sellers executed an addendum, though it was puzzling why, when there was a full price offer on a list price approved by Bank of America, we needed more time.  We gave them two months to approve the sale and three months to get to settlement.  Turns out we needed one more month on each.

January comes and the Bank of America hired hand calls and suddenly has ME in a rush to do what is a nothing task.  I have to hurry and accept a counter offer in Equator because Bank of America needs to get this done NOW.  Excuse me?  Weren't you the guy that wanted more time?  I guess this hired company lost track of the file (and from what I hear this is normal) and just realized there is a foreclosure sale date set that they need to avoid.  And the counter offer was one WE initiated when we found out the second trust has released their lien on the home and there would be no need to give them money.  So that meant more money to Bank of America.  What's the problem?

Not our fault, Bank of America.  That's all you!  So much for a Cooperative Short Sale.  If all goes well and the company you hired does what they should do, we'll have the foreclosure sale canceled, get our approval and get to settlement.  I don't like to be negative, but I'll believe it when I see it.

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photos taken by Chris Ann Cleland.

The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.

 
This post has been included in Virginia Real Estate News Prince William County, VA Real Estate News Bristow, VA Real Estate News
Post is included in group: Bartender, Make it a Double
Post is included in group: Diary of a Realtor
Post is included in group: Short Sale REALTORS®
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale Support Group

45 Comments on Bank of America Cooperative Short Sales Aren't So Cooperative

20 Most Recent Comments Displayed Show All

JAN
09
2012
467,812 Points 40 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Chris Ann, I admire your tenacity and am just grateful that we don't have as many short sales and REO's as the rest of the country! I had a tortuous experience with BOA (my clients refer to them ad "bend over America") In the end my client got a decent deal but it took 7 months and at the end, the bank changed the commission... and yes, they lowered it ;-/
9:33am • #26
118,380 Points

Sounds like they are going back to their old ways. I was actually getting progress with them as far as time but I would never trust them. they take for ever to get  a decision. 
9:59am • #27

When will you figure out that BoA is BULLET PROOF. They can do anything they want with no worry of ANY repercussions. All they have to do is stomp their feet and say; mess with us & the economy will crash along with the sky will fall. Then...well you know what happens.

You folks are gluttons for punishment.
11:47am • #28
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Vickie:  Does feel like we are getting yanked around when dealing with them.

Richie:  I have to say, with the exception of these blessed Bank of America Cooperative Short Sales, Bank of America has improved in processing their Short Sales.

Pamela:  Have used the Twitter bat signal and that gets their attention.

Dawn:  Oh, don't get me started on their approach to getting agents involved to be the heavy in getting distressed home owners to list.  I bailed out of that program in 48 hours.  This is a past client who got their BOA Coop Short Sale letter and called me. 

Sid:  Nailed it!  But leave it to BOA to hire incompetent and under trained companies to handle what is supposed to be the fast track Short Sale.
12:20pm • #29
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Elizabeth:  The one I'm dealing with is Default Servicing LLC.  Another one that needs to go bye bye.

Neal:  The Cooperative Short Sale is the only place I'm having this issue.  And as Elizabeth and others have noted, it's the third party vendors they are hiring to handle the files.  It's ultimately still their fault for hiring crappy companies.

Ira:  I hope you actually read it.

Chuck:  It's not as bad anymore, which is what makes their supposed fast track Short Sales being the worst so frustrating.

Ruthmarie:  Clearly you aren't alone. 
12:24pm • #30
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Kathleen:  Default Servicing LLC.

Christine:  I don't find that most Short Sales are this frustrating when it comes to dealing with the banks.  The biggest frustration of 2011 was dealing with unrealistic or disappearing buyers. 

Joan:  If they are truly firing these third party vendors, there might be hope.  Bank of America was doing so much better with their in-house stuff.

Gabe:  Thank God we can all vent about it here.

Jackie:  Is yours a Cooperative Short Sale too?

 
12:28pm • #31
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Janice:  I have to think there is some poor person in their PR department whose sole job is read the daily Internet outrage.

Richard & Jean:  Short Sales in general I can deal with.  Bank of America Cooperative Short Sales, going through Default Servicing, are awful.

Bob:  Hang in there!  It's usually right around the time that buyers get itchy to walk that the flood gates open and out comes the approval letter.

Frank:  They had a horrifying reputation to get over and were beginning to do okay until they hired these third parties to help them.  Now the new complaints just bring us back to the way we felt about BOA back when this mess was new to all of us.

Jaz:  Thank God they didn't price this one above market value.  But the insistence to do a Short Sale, to my clients from BOA, started over the summer.  It took them forever to get the listing price and all ducks in a row for us to actually list.

 

 

 
12:34pm • #32
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Scott:  I was doing that.  I think I have one of the uninspired variety of negotiators.  That was until I hit the Twitter bat signal.

Barbara-Jo:  I certainly get leary when I hear their name, but I do have to say that their in-house stuff has been much better.

Russell:  I've not had the commission issue with banks for a long time.

Dave:  If they fire these third party vendors and take it back in-house, it's got to be better than what I'm dealing with.

Mike:  Glutton for punishment?  I think if I didn't do everything I could to help a home owner in distress I would be a crappy real estate agent.  That's just me.  Sometimes you have to deal with bad companies, but you work for your clients to do what you can for them.

 

 
12:38pm • #33
292,425 Points 20 Featured Posts Outside Blog Called Shot Master

Why does this not surprise me?  Like I keep asking you: "Are we having fun, yet?"

The guy who mentored me into the business in 1976 told me this: "I'm the only one that needs to do things the right way; and don't expect anyone else to."  Perhaps that's cynical, but it's true sometimes.
3:57pm • #34
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Lloyd:  I think your friend gave you some good advice.  We are truly the ones we can count on or hold accountable.
4:27pm • #35
JAN
10
2012
872,774 Points 47 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Chris Ann, another Bank of America saga in the making - and another chapter in your short sale book. Do hope for everyone's sake this one works out.

Sharon
9:37am • #36
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Sharon:  I have confidence it will, though I really can't tell you why.  It's just a gut feeling.
12:34pm • #37
JAN
12
2012
535,983 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I'm going through a similar drama with another big bank. Been under contract since September, file is "reassigned" multiple times. With each reassignment comes two weeks of dead silence. Then yesterday I get a fax and they are demanding some supporting docs within 24 hours or the deal is off. Assclowns...
10:07am • #38
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Doug:  When they need something from you time is of the essence.  Forget that there are nervous buyers, sellers and agents are waiting on them for some IDEA of what is happening and when.
11:56am • #39
FEB
29
2012
Outside Blog

I just did one and the offer was lower than the approved value. I still was able to get an approval within three weeks even with a lower offer. Cash incentive was reduced slightly but with the removal of the DJ the homoeowner was very happy with the outcome. 
10:48pm • #40
MAR
01
2012
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Raymond:  That's great!  Ours was just way to slow, but the good news is that it closed. 
8:57am • #41
SEP
12

Greetings!

 

I am looking for some contact information for Default Servicing LLC please

I have Loan Resolution Corps infor but need theirs.

CEO office phone number and email address.

Please let me know if you have anything

Thanks-

Colleen
Colleen Yarger
6:28am • #42
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Colleen:  Can't help you there.  Best of luck finding it.  
10:00am • #43

Thanks Chris!

Trust me it's out there.

Just need the right person to read this.

As I said, I have the info for Loan Resolutions Corp and the office of the pres of BOA.

Have had great luck when contacting them for assistance when all other measures of solution have failed.

Thanks-
Colleen
10:12am • #44
1,519,636 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Colleen:  When I get stuck with a BOA Short Sale, I use their Twitter and direct message them. @BofA_Help I believe is the address.  Their social media is fast to contact you back and get some movement for you.
10:22am • #45

20 Most Recent Comments Displayed Show All


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Chris_2841_copy Ambassador_large

Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

More about me…

Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

Office Phone: (703) 402-0037

Cell Phone: (703) 402-0037

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find VA real estate agents and Bristow real estate on ActiveRain.