Buying a BOA short sale? If so, be prepared to give first born.

Real Estate Agent with Keller Williams Heritage Realty


Ok, so maybe I’m exaggerating. 


As a listing agent in Central Florida, the real estate market has forced those who are serious about their business to tackle the sale of short sales. With that task, we are faced with listing homes that have their mortgage held or serviced by Bank of America (BOA).


Most recently, I was using the online offer submission service for BOA, Equator when new fields populated that required information about the Buyer.


As the listing agent, I found it odd that I was being asked to provide information about the Buyer other than their approval letter and the offer they had submitted (like in the “good ol’ days!) and thought it worthy of sharing to help other Listing Agent’s and Buyer’s Agent’s by posting the new requirements here.


For Buyers who are writing an offer on a Bank of America property, they and their agents need to be prepared to provide the following for offer submission:


-Full name of Buyer

-Address of Buyer

-Phone Number of Buyer

-First five digits of the Buyer’s social security number

-Buyer’s birth date

-Buyer’s lender approval letter

-Financing interest rate being offered to Buyer (from their lender)

-Proof of funds for downpayment and/or closing costs for Buyer


The Equator system no longer just requires “basic” information on the Buyer, they are now requiring much more...I’m just wondering when that “more” will mean the Buyer’s blood type or first born in addition to their credit standing!


In hopes that this post will help Buyers seeking to purchase a Bank of America backed property...


Happy Selling,



Posted by


Direct: (321) 377-0157, Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS)  & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE!  

Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida

SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More.

Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!




Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. R K 11/04/2010 02:35 PM
  2. Pete Xavier 07/31/2012 12:48 PM
Home Buying
Florida Seminole County
Central Florida
Short Sale REALTORS®
Seminole County Florida
Local Expert
bank of america
short sale negotiation
lashawn norden
buying a short sale home

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Dennis & Terri Neal
RE/MAX, Big Bear - Big Bear Lake, CA
Your Home Sold in 45 Days or We Se

The banks are trying to weed out agents using "straw buyers" to get their short sales approved and then switch out to a Real buyer after they have the approval.

Nov 05, 2010 08:55 AM #95
Marsha Cash
RE/MAX Advantage - Stockbridge, GA

I went to a B of A class recently with John Ciresi, VP, East Division Portfolio Retention Mgr.

He said to email him with problems and he has "people" who will get you an answer.  His email is  If you aren't in their East Div, I'm sure he knows someone who covers your area.

Nov 05, 2010 09:27 AM #96
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Bank of America just keeps on doing more to endear themselves to the hearts of consumers and real estate professionals. It almost seems like they're "Thumbing their noses" at everyone, saying "Ha! Look what WE can get away with!"

Nov 05, 2010 09:32 AM #97
Ron Nedd
Charles Rutenberg Realty, Inc. - Dunedin, FL

I recently represented a buyer on a short sale with B of A.  It had gone in this past January for approval on an offer and took 6 months to come back rejected because 1) the offer was too low and 2) the seller's POA kept making the monthly payments.  The listing agent, who was also in my office, informed the seller's POA and he stopped the payments.  We submitted our office in July and had to provide all the info listed in this post and got the approval and closed within about 6 weeks.

I don't know if that was because they had already processed an offer before ours or because of Equator or both, but it was much better than previous experiences.

Nov 05, 2010 11:19 AM #98
Patti Berube
John L. Scott - Covington, WA

Can I just say I HATE, LOATHE, DESPISE & any other descriptive term for the same thing Bank of America? They're TOOOOO big so much so that they can't make any decisions in a timely manner, and they're hiring people who can't do their jobs, or don't have authority to do their jobs. In all my dealings with them I've only had one gal who actually picked up the phone & CALLED me to negotiate! Go figure!

The other part of this rant is in the buyer fields you can just fill in odd #'s - because I had an investor group try & buy my BofA short sale and I just put in their date of incorporation. And I think they just "think" they need this info - but you don't have to put it in there.

Just another hoop for us to jump thru!

And agents whatever you do NEVER NEVER NEVER hit the reject button at the bottom of the Equator offer screen or you will have to start ALL over!

Nov 05, 2010 01:00 PM #99
Carol Tunis
Florida Homes Realty & Mortgage - Saint Augustine, FL
Carol Tunis...a "HouseSold" name!

Twice, now, agents in my office had finally received WRITTEN approval from BofA.  Inspections were done, appraisals for the new loan, yada-yada, and a week before closing, BofA has come back wanting more $$!!  Written approvals are nothing.  They'll come back at you and say they need another 5K and what are you going to do?  Scary...

Nov 05, 2010 02:46 PM #100
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

BofA is amazing. It is common for them to send 3 or 4 appraisers and ultimately turn down a market value offer.

Nov 05, 2010 04:53 PM #101
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear LaShawn,

This spring, I submitted an offer via Equator. I was told they need all the info to avoid buyers making multiple offers. Mmmmmmmmmmhhhhhhh! Not surprising. They took 3.5 months to come back at $45k more than asking price, when my buyer offered $10k more already. My buyer ended up buying another home for less in a much nicer neighborhood.

Nov 05, 2010 04:54 PM #102
Ben Yost - 303-587-4297
First Time Home Buyer, Mortgage Rates, Pre-Approval - Denver, CO
FHA, VA, Conventional - Mortgage Loans in De

The silly thing is - that it is just around about way for them to try and steal your buyer from the Lender they have already been approved with,

Why don't they just ask if they can give a rate quote to your buyers upfront?

Mainly it just makes them look bad to all parties involved, because their rates arn't that good to begin with.

I have even have them try and lead the buyers to believe they had to go thru them to get the home.

Good Post


Nov 05, 2010 05:03 PM #103
Sheila Wissner

My husband and I are trying to buy a home in Cape Coral, Fl.  It's a short sale through Bank of America.  The sellers have been trying to get rid of it for two years and have two prior offers fall through because they got sick of waiting for BofA to get around to acting on the offer. In the meantime, the house has been vandalized and items such as the pool pump stolen.

We put in an offer the first week of September at the price BofA had approved on the most recent prior offer.  We are offering cash and submitted a letter from our bank verifying we had the money in our account.

We waited three weeks only to find out the paperwork mysteriously had vanished from Equator. So we started all over again.  The bank then came back in a couple weeks saying they wanted to close by Oct. 31.  They asked for my husband's SS # (last 5 digits) name, etc. etc. and we supplied this immediately.  Then they came back and wanted the sellers to sign something having to do with $3000 the sellers would get for moving expenses (they moved out of the home two years ago). 

We thought we were on track for an Oct. 31 closing.  Instead, the seller's agent was told she needed to submit 1040s for the last two years and recent pay stubs from the sellers.  Now wouldn't you think this already had been submitted?  If not, why wasn't it requested up front? I'm sure it had been submitted but somehow BofA didn't have it.  Now it is a week past this last submission and we haven't heard diddly squat.

Twice I tweeted BofA_help to find out what the heck was going on since as the buyers we are not allowed access to any of this info.  They got back to us very quickly and were able to assure us that things were moving along. But at what pace?  Are we going to be hearing this same song and dance on Valentine's Day?

This is all the more frustrating because I have been a BofA stockholder for more than 40 years and have had a BofA account for 20 years.  It makes me want to close my account and sell my stock.


Nov 06, 2010 02:49 AM #104
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

I think it is extremely out of place for them to demand any info from the buyers. If they make it too hard or aggravating for the buyer what are they trying to accomplish? Let's piss off the buyer so he won't buy the house does not serve them well at all.  This kind of info even borders on discrimination if you ask me.  BUT, if no one ever steps in to tell them so, it continues.  Maybe a states attorney general?

Nov 06, 2010 03:52 AM #105
Catherine Marrone
Integrity Residential Brokerage LLC - West Newbury, MA
West Newbury MA real estate, Essex County

BofA is a nightmare all around. I recently completed a transaction where the buyer worked for BofA and they still couldn't close the loan without ridiculous documentation requests.

Nov 06, 2010 04:05 AM #106
Cookie Hooper
True Blue Realty - Arvada, CO
Real Estate Sales & Property Management

BofA just gets worse and worse. I'm afraid that they continue to saw away at their own nose, slowly cutting off to spite their own face. Their reputation is so horrible, many folks are refusing to work with BofA at all! Thanks for the updated information- quite valuable.

Nov 06, 2010 06:58 AM #107
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Thanks LaShawn!  Just like on the lending side, it seems.  The banks wanting more and more info from the buyer.  I recently represented buyers on a Wachovia short sale.  Why can't the Wachovia process be adopted by all as a standard?  Life in Short Sale Land would be much less stressful and much more efficient!!!

Nov 06, 2010 03:55 PM #108
David Karp
Peachtree Realty Group, LLC - Woodstock, GA
Woodstock, Marietta GA Real Estate

BOA is truly a joke with their short sale process. You would think that with the sheer number of short sales they process, that they would actually refine there process or get better at it. No such luck.

Nov 06, 2010 04:59 PM #109
Peter Pike
Myron E. Siegel, P.A. - Sarasota, FL
Board Certified Real Estate Attorney in Florida

104 has the right idea - we all need to move our bank accounts out of BofA (and not into any of the other big 5) and sell our stock in those companies.  When there is a run on these banks, then they will have to sit up and take notice.

Nov 07, 2010 11:29 PM #110
LaShawn Norden
Keller Williams Heritage Realty - Longwood, FL
REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL

WOW again is all I can say...this post OBVIOUSLY has hit home with REALTORS and buyers alike. 

I received a direct message from another agent and she has asked me to copy and paste her comments...I'm really liking the idea of a REALTOR rally to get BofA to make some rapid changes and to stop blowing smoke that having a CDPE or anything else will help until THEY fix their dysfunctional system...

Message details: 

From: Sandra 
Subject: BofA short sale - Buyer ransom (Sent via Activerain)

Not sure how to post a comment on your blog. Someone forwarded me a copy of your blog entry about Bank of America requiring all this buyer info for a short sale. 

Yes, I've experienced too. I noticed someone posted that B of A may be using this info to run credit checks on the buyers. This may be the case, but I question the legality of them doing so without buyer's authorization. It is, however, a lot of what would be needed to run a credit check and doesn't mean they are not doing this... now or in the future. I think all this information they are 'requiring' from the buyer before they will even accept an offer on a short sale should be challenged by NAR and the government. 

I also see this 'requirement' is a way B of A is pimping Realtors to provide them leads at no pay. Their tactics of being so difficult to deal with for short sales by all their time delays, causes a great deal of buyers to walk away and the poor homeowners to go into foreclosure. Meanwhile B of A has a database now of qualified buyers to market to now and in the future, thanks to our efforts... and free of charge. Bank of America makes the money while also robbing us of our commission. We have to unite and oppose this practice.

In addition, I've started looking at what banks I recommend clients to and, guess what, I've taken Bank of America off the list. I know a lot of wonderful loan officers with Bank of America who I have marketed with and referred clients to in the past. However, I'm now rethinking any Bank of America referrals. Why should I support them when they give so little support back to Realtors and their short sale clients? Their lack of customer support on the back-end (with short sales) doesn't warrant me sending them money on the front end. Today's Bank of America's borrower becomes tomorrow's Bank of America's victim stuck in a nightmare with the bank if they need any help and cooperation from Bank of America later. It seems Bank of America is using short sales as a marketing tool for future business and want their current borrowers to go into foreclosure. This wastes Realtors', sellers', and buyers' time and resources while Bank of America profits. The long time B of A takes to respond to short sales and this practice of gathering buyer's personal information also needs to more publicly known, so borrowers will know the kind of bank they are dealing with before choosing to do business with Bank of America. Every foreclosure affects every homeowner in the value of their home as well as the adverse effect on the economy. Until the public speaks and takes action, we will not be heard. Realtors united have a lot of power. It's time to use the other 'B' word. 

By the way, I'm not just a blogger; I'm a victim too. I submitted a HAFA short sale to Bank of America in August, which they opened in the wrong verison of Equator, then denied and I had to fight to get reopened in the right Equator, but later, according to them, they opened it with the wrong HAFA team (they have 2). All the seller's documenation (confirmed by BofA) has been there since it was reopened 9/7 but has been stuck in Bank of America since. I've had an offer since before it was reopened, now 2 months old, despite by frequent calls and lack of ANY response to my emails in Equator (which is why I'm calling). The so called direct Bank of America contact for CDPE's was useless too. Remember this is the so called 'quicker-picker-upper HAFA short sale'. This buyer is likely to walk and who could blame them. So yes, once again, I'm not just a blogger, I'm a Bank of America victim too. I'm Sandra Sample and I approve this posting, should you want to add it to your blog.

Sandra Sample, Realtor, Advance CDPE
San Jose, CA

Nov 09, 2010 12:53 PM #111
Coleen DeGroff
eXp Realty - Gainesville, FL
Haile Plantation Real Estate - Gainesville FL

BOA sucks.


End of story.

Nov 10, 2010 11:17 AM #112
Sheila Wissner

I just had to add this post.  If you have read all these posts, you know we are trying to buy a short sale home in Cape Coral, FL.  All the paperwork has been submitted by the seller but still no action from the bank.

Yesterday we got an email from a friend who is trying to buy a house in Nashville.  Bank of America is buying their loan from another lender.  They were schedule to close on the house this week when BofA informed the other lender that the home inspector would have to go back over to the house to verify that it was vacant.  The bank insisted that the inspector also look in the crawl space and the attic. BofA would not accept what the Realtor or anyone else said about whether the home was vacant.  It had to be a "neutral third party."  There also was some problem with the paperwork, which delayed the closing further.  Again, BofA's fault.

Needless to say, our friends are very angry about this.


Nov 19, 2010 10:58 AM #113
Matt Robinson
Professional Investors Guild - Pensacola, FL

Just put in fake info or the address and phone of your office.  They never cross check it verify that it's accurate.  It's none of their business, so we don't provide it...never had a short sale stopped because of it yet.

Jul 22, 2011 05:18 AM #114
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LaShawn Norden

REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL
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