Bank of America Short Sale | Short Sale Bank of America | San Diego Short Sale Experts

Real Estate Agent with Premier Homes Team, a division of Big Block Realty, Inc Cal BRE Lic # 01384181

Bank Of America Short Sale (BofA Short Sale)


Bank of America used to be one of the most difficult banks to complete a short sale with, but they have worked hard to correct the problems they were facing. Since April, Bank of America has hired over 2,000 employees and now has over 18,000 workers in “default management” (A 60% increase since January 2009).  In addition to the hiring push, Bank of America was the first bank to launch their 100% online short sale system “Equator". The new system has helped to streamline the short sale process and has made a dramatic improvement in their turn times.

Between the two big steps they have taken along with all their many other smaller changes, they have gone from being one of the most difficult banks to work with, to a bank who’s short sales we look forward to taking on.

Approval times have gone from 6-12 months, to 1-3 months.  One negotiator works the file from start to finish and both first and second loans are handled by the same negotiator.

The new Equator System allows the homeowner and the agents to see where they are at in the short sale process at any time.

If you are an agent or a homeowner, the contact number for Bank of America’s short sale department is:


8am-9pm EST Mon-Fri.


If you are a homeowner and have a loan or loans with Bank of America, their short sale process is very similar to most other banks.


CALL: The first step in a Bank of America Short Sale is to CALL and determine if a short sale is the best option for you. You can contact us at anytime via phone or email to review your situation.

You may be eligible to sell your home in a short sale, if:

  • You have a hardship, such as a job loss, divorce or medical emergency
  • You owe more than your house is worth
  • You’re unable to afford your current monthly mortgage payment
  • You’re unable to modify your current home loan

If you determine a Short Sale is the best option, the next step is to hire a license real estate agent that is experienced in short sales and dealing with Bank of America. Hiring an experience agent can mean the difference between a successful short sale an foreclosure.

MARKET: Once you have hired an agent, the next step is to get your property put onto the market and begin marketing for buyers/offers. The listing will be handled like a standard real estate listing.  Our team aggressively markets the property at market value in an attempt to obtain an offer in the first 30 days.

When an offer is received, the short sale will be “initiated” with Bank of America, at which point you will upload financial information into their short sale system and your agent will upload the offer and all other supporting documentation. If there is another lien holder in addition to Bank of America, the short sale package will also be sent to them and the short sale will be negotiated with both banks.

After the offer and supporting documentation is uploaded, Bank of America will begin their approval process, which will include ordering an appraisal on the property to verify that the offer received is inline with the fair market value of the property. 

 After the review process is completed, the bank will issue their approval letter and the closing of your property will take place.  The closing is typically a standard 30 day escrow.


For Homeowners – Here is some resourceful information on Bank of America

Bank of America’s instructions on using their online short sale system
Bank of America’s financial worksheet

Bank of America Approval Letters

A big concern with Bank of America over the past couple years has been their approval letters.  For some time, they have only been using one approval letter which contained the verbiage that they reserve their right to come after the seller for the deficiency balance after the close of escrow.  It also contains a vague statement stating that these terms apply as long as they are allowed by state law.   They still use these letters and it is very important to you as the homeowner that (1) You seek appropriate legal & tax advise while going through the short sale (2) Have an experienced agent handling your short sale that understands how to negotiate to have this verbiage removed. While we can negotiate the verbiage in the letter, we cannot offer you tax or legal advice, but do have an excellent tax accountant and attorney that we can refer you to.

Here is an example of the Bank of America Deficiency letter and Bank of America Non-Deficiency Letter.

Bank of America Deficiency Letter Bank of America Non-Deficiency Letter


If you are a Realtor or Attorney, the phone number for the Bank of America short sale department is the same:


8am-9pm EST Mon-Fri.

You will need to create an account on the Equator System in order to be able to submit a short sale. The site is   Below is the Bank of America training manual that explains how to create an account and use the system from start to finish.


For Realtors – Here is some resourceful information on Bank of America

Bank of America’s training maual for Equatort Short Sale system
Bank of America’s training manual on HAFA

For Attorneys – Here is some resourceful information on Bank of America

Bank of America’s Attorney registration manual for Equator

Bank of America Short Sale | BofA Short Sale


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Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

I wish I could share your enthusiasm about BofA, but alas... I cannot.  There are far too many flaws in their system to applaud just yet including the fact that you constantly need to upload items MULTIPLE times during the process.

Don't get me started about what happens if you lose your buyer and want to substitute another!

Also, you mention a 60% increase in employees, but you failed to promote that the number of short sales being processed has risen proportionately more in the same time.

Aug 24, 2010 08:44 PM #1
Patty Luther
Rock-n-Roll Realty - Lewiston, ID
Lewiston ID Real Estate, Idaho-Washington

I am working on one right now, seems to be moving along ~ will know more in a few days.

Aug 24, 2010 09:05 PM #2
Jack Lewitz
IL Real Estate Specialists - Evanston, IL

I am equator certified as a Short Sale and REO agent and ended up paying $498.00 for what? I have yet to be considered as a REO agent from BOA and I think it is another scam by BOA to get more money? I have brought this to the attention of NAR and wondered if anyone else has paid BOA for this or am I the only stupid agent out there?

Aug 26, 2010 03:06 AM #3
San Diego Realtor, Glen Henderson
Premier Homes Team, a division of Big Block Realty, Inc - San Diego, CA
San Diego Realtor & Broker Associate

Cameron - Sorry to hear that you're not having better success.  Our files are moving through quickly and we're not having any issues with having to "upload multiple times".   With any short sale, there are times when you're going to loose a buyer and we're seeing the 2nd offers approved in under 30 days.  Hopefully it gets better for you.

Jack - We did a lot of research to see if that money would be well spent and there is post after post across the internet stating the same thing.  Agents are getting REO business just for paying and signing up. 

San Diego Short Sale

Aug 31, 2010 05:34 AM #4

Here is the direct Short Sales for Bank Of America in their Harlingen Tx location, 956-421-9332

Jul 28, 2011 10:43 AM #5

I have been in the process of trying to purchase a B of A short sale for four months.  I took over for another buyer who had supposedly been approved but backed out, so I was told that if I took over their offer with the same terms, we would have the approval within 15 days.  What a joke!  We have been jerked around by at least four case managers and now no one will return calls regarding our case.  If they just set accurate expectations, that would be one thing, but for the first few months, they kept telling us the approval would be processed within the next couple of days.  They were even so convincing that they tricked our title company into ordering the title.  They have repeatedly required us to go through the same meaningless steps and re-start the process for no reason.  They clearly have some incentive to not want to close these deals.  We are not in the minority, because every time I mention that I've been dealing with a nightmarish short sale, I get the response "it must be B of A."  Our mortgage lender, many realtors, and dozens of friends have had the same experience.  I have never been a part of such a shady transaction, or witnessed a major corporation conduct themselves with such little respect or integrity.  I caution EVERYONE not to get involved with a B of A short sale, not to get your mortgage through B of A (heaven help you if you ever needed to short sell or modify it!!!), and to close any accounts you have with B of A. 

Jul 15, 2012 12:17 AM #6
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San Diego Realtor, Glen Henderson

San Diego Realtor & Broker Associate
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