Today I watched the webinar on the "new" short sale process and have to say in theory I pray that it works the way they say it will. I have not worked a Bank of America short sale as of yet and have heard the usual horror stories. I have worked Chase and in my opinion there is none worse. There is not another that I have done that can even compare with Chase. Wells Fargo is my favorite so far.
But back to the webinar I have to say I was truly impressed that they are at least making an effort to hit a time line. Between this new time line and the federal new hafa guidelines maybe they are truly trying to make these short sales easier for the real estate agent. I know that there are several of us that have gotten in a truly great offer just to have them leave after 90 days and we still didn't get the approval after that.
B of A stated that FHA loans are still not able to go into this system but they were hoping to eventually get these also on the same systems. Funny part is they were saying that the bank makes more money from a short sale then they do a foreclosure so why are more banks shooting their selves in the foot and not working with us the agent working to get them the most bang for their buck. I mean after all it is in everyone's best interest to make it all work right?