Bank of America Really Stepping up to the Plate

By
Real Estate Broker/Owner with KTHOMES, LLC 100002367

I am very impressed with how quickly Bank of America is processing a current short sale which I have listed.  My sellers just accepted an offer 11 days ago, and all documents have already been given to BOA, the valuation has been completed, and we are now waiting for a response from Bank of America on it's acceptance.  I really don't think it will be more than 4-5 days to receive that.  The short sale specialist and negotiator have been amazing!  They have contacted me on a daily basis to up date me on the status.  If I sent them an inquiry via email, it is always answered that very same day.  

I have recently been told by a reliable source at Bank of America that they are no longer allowing homeowners to stay in their homes for lengthly periods of times and if they are 4 or more months delinguent and a foreclosure sale date has been set, there will be no more extensions........no exceptions, Period!!!!

With that being said, my current seller's home is scheduled to go to a Foreclosure Sale on Nov. 30th, so I am especially pleased with how rapidly this deal is going........time is REALLY of the essence on this one, given that extensions are no longer given for foreclosure sale dates.

If you or you know of someone contemplating a short sale, act soon, as time may be running out in which to pursue it.  It doesn't hurt to at least check it out for a possible option.

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Rainmaker
150,360
Jeremy Joslin
Coldwell Banker Residential Brokerage - South Windsor, CT
Professional Real Estate Marketing and Sales

It's great that you are getting a quick response and we can only hope that more banks will follow suit.  Good luck and I hope this one works out for you and your seller/s

Oct 06, 2011 04:29 PM #1
Rainmaker
436,297
Eric Crane -- Your Full Service, Discount Fee Realtor®
DPR Realty LLC - Gilbert, AZ
Greater Metro Phoenix Arizona

Hi, Karen -- I am glad you are having good success with that particular short sale.  I recently tried to process the
short sale from hell (it was a Bank of America transaction and was so bad that I'd have to seriously question whether to get involved with a B of A short sale again).  But just one guy's opinion -- I acknowledge that others may be having an entirely different experience with them.  Have a good night, Eric ^0-0^

Oct 06, 2011 04:30 PM #2
Ambassador
1,585,002
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

Let's see if you can beat my record.  BofA short opened Aug 19th, and closed Sept 2nd, for a total of 13 days.

No matter, good luck and good job.

Make sure you ask your negotiator for cash for your client based on the new announcements this week and they do not have to be HAFA in order to get money now.

Oct 06, 2011 04:31 PM #3
Rainer
482,768
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

I love the success stories... I have two that got done in record time, but neither was BofA...

Oct 06, 2011 04:52 PM #4
Ambassador
1,718,961
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

karen,

Everything is changing and sometimes for the better (lol). Interesting how from the worst bank to deal with BoA moved to the  best bank to deal with

Oct 06, 2011 04:52 PM #5
Rainer
203,029
Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

Hopefully everyone will start to get things moving, BOA has a lot of homeowners over 1 year delinquent in their homes, at some point these people need to move.

Oct 06, 2011 04:59 PM #6
Rainmaker
564,973
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hi Karen, congatulations on the success of your B of A short sale!  Good to hear someone having success with B of A and not complaining.  Continued success to you!

Oct 06, 2011 05:00 PM #7
Rainmaker
75,812
KAREN THOMPSON, GRI, REALTOR
KTHOMES, LLC - Frederick, CO
Colorado Homebuyer Pro

Wow, Kevin!  That is tough to beat!! Glad to hear of your success though!  Encouraging to hear!

Oct 06, 2011 07:23 PM #8
Rainer
84,681
Diane Grady
Endless Summer Realty - Saint Augustine, FL

Glad to hear that BOA is stepping it up. Lots of banks are really cooperating and making the short sale process so much easier. I was just working with a bank that offered the sellers 10k to move and accept the offer on the table. No  deficiency notice! It is amazing how far we have come with this. Congrats on your sale!

Oct 06, 2011 08:57 PM #9
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Rainmaker
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KAREN THOMPSON, GRI, REALTOR

Colorado Homebuyer Pro
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