Bank of America Short Sales - Another Point Of View

I know a lot has been said and written about the horrors of a Bank of America Short Sale.  They have also been in the news a lot the past week or so.  I know that Bank of America has earned their reputation.  But my experience with Bank of America short Sales has been the complete opposite.

I had a Bank of America Short Sale listing in Ripon Ca.  I entered all of the information into Equator.com and waited.  And waited.  Finally after getting no response I called the BofA short sale department.  It was then that I was told that since the sellers had an FHA loan on the property that I would not be able to use the Equator.com system.  NOT a very good way to start off.

So I FAXED the entire short sale package to Bank of America. Within a few days a negotiator was assigned to the file and within a month we had our acceptance.  Everything was going great until the third week of escrow.  That's when the deal fell apart due to the buyer not being able to perform. 

So I put the home back on the market and immediately received another offer.  I countered it to match the previous offer and then submitted it to Bank of America.  I let the negotiator know what happened and he approved our new offer within a couple of days.  We went on to close it and everyone was happy.  The negotiator in this transaction was always very responsive to any questions I had and was easy to reach.

I also have another Bank of America Short sale listing in Livingston Ca.  I have been running everything through Equator.com.  The negotiator has asked for a few more documents and some updated documents and I have provided them.  Today I received the following email from the negotiator: You're the BEST!!! Thank you for your quick response, and all your hard work on this file. I will be getting this sent to the investor for approval.  That is the first time I have received an email like that from a bank negotiator.

I know there are good and bad in every business.  I also believe that most of these negotiators are trying to do the best job possible.  I also know that most of them are swamped with files.  I think that if you treat them with respect, like you would like to be treated, more often than not you will get the same in return.