Will Bank of America Ever Get It? Another Short Sale Nightmare!
Each time I take a Short Sale listing where Bank Of America is the lender, I cringe..it’s for a good reason. I’ve yet to complete just one short sale with Bank of America without any challenges. Most of the challenges are truly associated with Bank of America.
Some may argue and say we can’t put the blame on the bank, it’s the negotiator that we work with. All of my fingers are pointing at Bank of America!
Here’s the story on 447 Hammerstone Ave Haines City FL;
-Received and accepted a Cash offer with no contingencies on October 12, 2016
-October 12-October 20, 2016 back and forth with Bank of America representative on the file. Prior to listing 447 Hammerstone as a short sale, homeowner tried to get a loan modification, wasn’t approved, BOFA then suggested homeowner find a REALTOR® and list the home as a short sale. Apparently, the negotiator closed out the file. The file was then assigned to a new negotiator who couldn’t get it to open. Since it was a closed file, it didn’t show up in Equator.
-October 24, 2016(twelve days later), Bank of America has the file in Equator, however, there was no log-in that’s used for the office which is done by BOFA.
-October 28, 2016, we were finally able to upload the file!!! Only took sixteen days to open a file. In between, we were bounced from one negotiator to another, left multiple voice mails before receiving a callback.
-It is now November 23, 2016, Bank of America is still requesting documents that were already submitted but of course out of date and two documents that are not even in Equator. The negotiator will not return phone calls or emails either. Of course, it’s now Thanksgiving which means limited staff and work hours.
I’ve been doing short sales for the past eleven years and here to tell everyone Bank of America has not improved their process. It’s the same story of passing the file from one negotiator to another and start all over. Taking days before they respond to an inquiry. Let’s not forget, all documents must be updated every 30 days which means dealing with the same Bank of America craziness all over.
The Cash offer we have is only $6000.00 less than what the homeowner owes to BOFA, this should be a no-brainer but that’s not going to happen. I’m glad they have ample time to pass the file from one Short Sale negotiator to another while everyone else who’s partied to the transaction is sitting on pins and needles. Shame on Bank of America on not being able to get it together after all these years of handling Short Sales!