After six months of trial's thru BOA with three different buyer's, we finally obtained short sale approval thru equator portal in 45 days. The short sale package was initiated on 02/25/2010, immediately we were ask to upload 3rd Party Authorization which we did and the process went ok, except when we reached the commission part, of course BOA cut our commission to 5%, but after six months of trying, and not wanting my seller to go into foreclosure, Iand the Selling Agent have a meeting of the mind and we both accept the commission as approved. At any rate, we got our approval letter on 04/14/2010
What make this so great was we already had a BPO done by BOA prior to the file been initiated on Equator portal, and the BPO was still good at the time of initiation, so the negotiator was able to use the same BPO. If BOA had to request a new BPO, We may not be able to obtained approval in 45 days. That said, I think the system is getting better and I will continued (I almost dropped marketing Short Sale's properties) to embrace short sale now. Simple to help more homeowners
At any rate my seller is so delighted, The swwetest part is BOA not requiring a promissory note from my seller. We will be closing on 4/24/2010
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