Will Bank of America Ever Get It? Another Short Sale Nightmare!

By
Real Estate Broker/Owner with Cam Realty and Property Management
http://activerain.com/droplet/4XCV

Will Bank of America Ever Get It? Another Short Sale Nightmare!

Each time I take a Short Sale listing where Bank Of America is the lender, I cringe..it’s for a good reason. I’ve yet to complete just one short sale with Bank of America without any challenges. Most of the challenges are truly associated with Bank of America.
Some may argue and say we can’t put the blame on the bank, it’s the negotiator that we work with. All of my fingers are pointing at Bank of America!

Here’s the story on 447 Hammerstone Ave Haines City FL;

-Received and accepted a Cash offer with no contingencies on October 12, 2016
-October 12-October 20, 2016 back and forth with Bank of America representative on the file. Prior to listing 447 Hammerstone as a short sale, homeowner tried to get a loan modification, wasn’t approved, BOFA then suggested homeowner find a REALTOR® and list the home as a short sale. Apparently, the negotiator closed out the file. The file was then assigned to a new negotiator who couldn’t get it to open. Since it was a closed file, it didn’t show up in Equator.
-October 24, 2016(twelve days later), Bank of America has the file in Equator, however, there was no log-in that’s used for the office which is done by BOFA.
-October 28, 2016, we were finally able to upload the file!!! Only took sixteen days to open a file. In between, we were bounced from one negotiator to another, left multiple voice mails before receiving a callback.
-It is now November 23, 2016, Bank of America is still requesting documents that were already submitted but of course out of date and two documents that are not even in Equator. The negotiator will not return phone calls or emails either. Of course, it’s now Thanksgiving which means limited staff and work hours.

I’ve been doing short sales for the past eleven years and here to tell everyone Bank of America has not improved their process. It’s the same story of passing the file from one negotiator to another and start all over. Taking days before they respond to an inquiry. Let’s not forget, all documents must be updated every 30 days which means dealing with the same Bank of America craziness all over.

The Cash offer we have is only $6000.00 less than what the homeowner owes to BOFA, this should be a no-brainer but that’s not going to happen. I’m glad they have ample time to pass the file from one Short Sale negotiator to another while everyone else who’s partied to the transaction is sitting on pins and needles. Shame on Bank of America on not being able to get it together after all these years of handling Short Sales!

 

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Rainmaker
637,414
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Well Beth Atalay You say "won't BofA ever get it?" I say, won't you ever get it. BofA doesn't want to do ANY short sales. They took a big hit from the Merrill Lynch and Countrywide mergers. They are feeling the pain. They just want the pain to go away. You are re-inserting pain into their sphere by submitting yet asnother short sale. They want the market to overcome the deficiencies and resolve all these issues. You got to feel sorry for them. They didn't get the same sweet deal as Chase when they were "forced" to take in Washington Mutual. Countrywide was not a bargain.

Feel their pain.

Bill Roberts

Nov 23, 2016 07:20 AM #1
Rainmaker
2,694,255
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Oh boy....I am glad to say that I have not had a SS with them in years!

Nov 23, 2016 07:28 AM #2
Rainmaker
455,386
Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

I'm glad to say that I haven't had to do a short sale in 4 years, but I understand your frustration Beth.  I hated doing short sales with Bank of America and Wells Fargo. Both were horrible.  To the point that I pulled my own personal money from B of A and put it into a local credit union. I will, to the best of my ability, never bank with any of the large banks again.  Their loss mitigation department is a money losing entity for them so they don't put any investment into it.  The people they hire in that deparment are often inexperienced and transiet.  Turnover is high, motivation low.  It's a terrible situation for we the Realtor and the sellers to be in.  I feel your pain and wish you all the best.  Have a Happy Thanksgiving.

Nov 23, 2016 07:56 AM #3
Ambassador
2,289,600
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

I have never had the patience to take on a short sale.  I leave that to the experts like yourself.  Hopefully it is smooth sailing from here on out for you and your clients.

Nov 23, 2016 08:53 AM #4
Rainmaker
1,288,218
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

BOA is the biggest nightmare in the Biz. You have may more patience than I do...yikes.

Nov 23, 2016 09:33 AM #5
Ambassador
2,619,689
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Beth - Short sales have always been difficult, and often the banks have made them impossible, but if anyone can get this closed, it's going to be you. Have a great Thanksgiving!

Nov 23, 2016 12:52 PM #6
Rainmaker
2,677,428
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Beth, it has been at least three or four years since I had any involvement with a short sale....I used to tell my clients if we are going to do a short sale purchase my advice is to buy a gun and shoot yourself before you put in an offer on a B of A short sale.... we laughed but there was more to it than just a joke, Endre

Nov 23, 2016 08:08 PM #7
Rainmaker
2,737,154
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

They are not as "popular" here as a lender as they used to be...sigh.  All I can say is the success we have had with them has been tthru climing the ladder to the President's office and forget the front line...they are clueless.

Nov 24, 2016 02:24 AM #8
Rainmaker
1,307,282
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Beth, it's been a couple years since I've done a short sale with BOA but, I'm pretty sure I'm still scared from working with them. It is a nightmare and the lack of concern for how poor their process is infuriates me. The last two I ended up emailing the CEO until I annoyed him enough he stepped in. Not pretty but, it got it done. Sending positive thoughts you will have a successful outcome!

Nov 24, 2016 05:15 AM #9
Rainmaker
4,207,464
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Beth.  I really do hate short sales because of this type of bank behavior.

I hope you and your family enjoy a wonderful Thanksgiving Day today.

Nov 24, 2016 05:44 AM #10
Rainmaker
2,860,925
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Beth -- I'm sorry to hear of your frustration.  As others have commented, it's been a long time since I have been involved in a short sale and thankfully they are no a part of the current real estate picture in our area.   I hope this is resolved soon(although obviously not soon enough for those on both sides of this transaction).   

Nov 24, 2016 07:24 AM #11
Rainmaker
1,696,495
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

This sounds like a bad dream. It has been years since I did a Short Sale or Foreclosure and BOA was one that drove me nuts. I had the same issues. It finally went to Equator and it was so difficult but it finally closed. But the previous results were always the same and it didn't get far plus I was always starting over. The level of incompetence with BOA is insane!

Nov 28, 2016 04:27 AM #12
Rainmaker
3,233,768
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Beth

What can I say . . . . BOA doesn't get it.

Good luck and success.

Lou Ludwig

Nov 28, 2016 06:19 PM #13
Ambassador
3,630,412
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Beth, ouch!  

We got through the whole mortgage crisis with very few short sales or foreclosures in the DC area - there was a moratorium imposed on foreclosures for most of the period.  And while I've never done one, I can feel for what you all must go through.  You work a lot harder than I do for your brokerage fees. 

Nov 28, 2016 08:56 PM #14
Rainmaker
1,982,525
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

It's been hit or miss with B of A lately. That bank has sold off most of its underwater properties so it is very rare for me to get a B of A short sale, or any short sale, for that matter these days. I probably handle less than one short sale  month now when I used to juggle 75.

You should Tweet B of A. Dump the idiot negotiator and get a new one.

Dec 27, 2016 09:59 AM #15
Rainmaker
397,942
Bill Dean
Haggerty Team St. Louis, Mo. - Fenton, MO
William Dean - Broker, Salesperson

I last had a short sale about a year ago with US Bank!   They were every bit as difficult as BOFA , who I have been able to avoid for about 3 years!    We burned thru 3 different buyer and on the 3rd one I hired an independent who only charged $1000 to the buyer.   Just found out last month that it sold after becoming a foreclosure for $10k less than our third offer!    I used that same negotiator on a Chase mortgage a few months ago and it went fairly smooth and sucessful.   Bad news is it was one of her last ones , she is quitting the ss biz.   Can't imagine why!?  LOL

Dec 27, 2016 10:05 AM #16
Rainmaker
2,617,896
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I have worked quite a lot with BOA. I have come to some conclusions. First when people say they do not want to do short sales, i believe that correct as they only lose with a short sale. I have worked with many differnt people at BPA from negotiators, to asset managers to valuation to preservation. The problem is they are buried in work. I have found some very good workers and some not so good. When i come upon them an escalation to management is a must and with no waiting. You could spend an afternoon at it but wont spend weeks. WIth a short sale there are 2 important parts. The first is showing a true hardship why the seller needs a short sale and needs it now. If they have other assets, money in the bank or such, chances are there is no rush for the bakn to move forward. I am also seeing that the sales price has to be within 95% of market value. I am getting them done, they can take longer, but are possible. 

Dec 27, 2016 01:29 PM #17
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Rainmaker
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Beth Atalay

Cam Realty of Clermont FL
Sell or Buy Homes in Clermont FL
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