Improved Bank Of America Short Sale Process

By
Real Estate Agent with The Homefinding Center CA BRE #01344132

Who would have guessed...

Bank Of America has instituted a change in the processing of short sales as of December 1st.  For home owners who are eligible for the HAFA program, Bank Of America will no longer hold the file pending the HAFA review.

Additionally, home owners are no longer required to contact Short Sale Customer Care to indicate whether or not they wish to participate in the program.  Notice may be given by the real estate agent through the Equator system.

The reason for this change is due to Bank Of America moving the HAFA processing from their outsourced vendors, back to Bank Of America associates.  The HAFA processing will now occur in-house.

RED FLAG:  The good news is offset somewhat by this bad news.  The agent has 14 days from the time the HAFA documentation is mailed to the home owner.... but the agent doesn't know when the home owner receives the documents and BofA wants the agents to confer with the owner for this information.  Poorly designed BofA!  The documents should automatically be forwarded to the home owner AND the agent who initiated the short sale through Equator.

At least it's a bit of good news.

Keep trying Bank Of America... you just might get it right (I'm guessing it will be about the time there is no further need for short sale processing).

Comments (5)

Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Bank Of America is at least trying to make it work

Dec 31, 2011 08:30 PM
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

They're trying to make it work for them, Joe.

Dec 31, 2011 10:21 PM
Steve Queen
Bennett Realty Solutions - Bowie, MD
Chosen Realtor for Bowie And Laurel

Good information Cameron. I'm upset I haven't received an email alerting me from Bank of America. They usually get their changes out. Happy New Year!

Jan 01, 2012 12:15 AM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Cameron

Having done BOA short sales, and all of them were painful. Because BOA was so slow, several buyers backed out, and we had to start all over again....unless I got buyers soon after the first ones walk away and the negotiator agree to continue working on the files with different buyers.

The only thing that helped me is going to BOA's twitter account.

Jan 06, 2012 04:56 PM
Anonymous
Jeff

On my second attempt to purchase a B0A short sale. First one took way to long and we got frustrated and started looking again. Low and behold we found another but again it was a BOA short sale. We rejected our first offer and put a offer on another house. It's been 3 + weeks and we hear that they have to start the short sale process all over again. Even thought we offered what they were asking. Mean while the roof has a leak and is deteriorating more every time it rains. Just plain bad business!

Apr 24, 2012 06:51 AM
#5