Bank of America and the Short Sale Process

Fat Cat Banks as the Presitent called thoes banks that want a lot but don't want to give at all to make things better.

When I hear this I think of all the problems I and many others have had with Countrywide and now Bank of America, while trying to get a short sale thru their system, or maybe we should call it their maze.

When asked, the bank will tell you "O yes we are working on improvments to make the process easier", well at the end of the day all they have succeeded in doing is dragging out the process even longer and spending more money.

The average short sale with Bank of America can drag out 6 to 9 months and with some horror stories even longer. You send all required paper work to them, then you start the long waiting process, sometimes the paper work has to be sent in several times just to get the average size packet (60 pages) received by the bank, then comes getting a negotiator assigned, if you are lucky you will get one of the few compashient ones. count your blessings when that happens because if you get the negotiator from hell you will ask yourself everyday. "Why am I doing this".

Bank rules say the negotiator has a full 30 days just to open the file. I just lately had one that on the 29th day the file was passed on to a new negotiator (same level) and the 30 days started all over again. Now we are into it about 90 days, when all is approved at this level the file is passed on to a Phase 2 negotiator (let me add it can stay months in the phase 1 level). The Phase 2 negotiator has 15 days to contact you, if you are lucky.

Once you have reached this level God forbid you loose your buyer (who got tired of waiting). Well with what I now know, I ask myself,  do I tell them or not, if you do the file gets closed and you are sent back to the starting line. You could get a new buyer the next day but a new buyer requires a new negotiator, a new appraisal and updated paper work because during your wait the paperwork you sent in months ago is now out of date. The Appraisal is another thorn in my sid, appraisals cost about 400.00 a pop and in some cases 2 to 3 are done on each file during the approval process and when you times this by the 200+ files they get every day, we could come close to balancing the National debt just on thoes funds. Their appraisal company loves them.

Bank of America has a lot of rules that do not benefit anyone not even them, one being the 72 hour rule to postpone the foreclosure. Texas is set for the first Tuesday of the month, well if your negotiator is sick or not at work on Friday and or Monday you are out of luck and believe me they will not under any circumstance do any thing out of that 72 hour window except to remind you of their rule. I wonder sometimes how many homes have gone to foreclosure because the negotiator was not in thoes days.

If you do short sales make sure you make a friend with the FHA, it will be the same as gold in your pocket. I have one that FHA pulled 3 times already and it looks like he will have to step in again. Bank of America has found every rule on their books to stall this approval and we have had a buyer for 5 months.

I do want to end with one positive note, if you get one of the good negotiators they will bend over backward to work with you, I only wish there were more of them.

Wake up Bank of America Realtors are your friiends work with us.

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