Proof! Bank of America IS Streamlining Short Sales... I Have PROOF!

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Education & Training with HD Realty

A few weeks ago I wrote about the NEW streamlined process on short sales at Bank of America (If you missed it, CLICK HERE)  I also got lots of comments from people that just don't believe it!

Well, today it was confirmed.  We had a buyer fall out on one of my approved shorts and when I contacted BofA for resubmission they sent me a note that said we had to follow the new procedure and they sent me a "brochure" as they called it.

Here's the link to see the new Bank of America Short Sale Brochure... it's so new that this appears to be a proof that the mitigator sent me!

The client/seller will now call BofA directly, give them some info, and a file will be setup on REOTrans.com for the short sale.  Then you as the agent will be able to login to this online portal (if the seller authorizes you) and upload the documents needed such as HUD 1, contract, etc.

Supposedly you will be able to see status updates real time and know exactly what's going on... sounds like we're in a dream! (or a drug-induced coma!)

Can't wait to get this first one started under the new program!  It can't be any worse than their old method (knock on wood!)

Anyone involved in the new process yet? I'd love to hear how it's going!

 

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Topic:
Mortgage / Finance
Groups:
Short Sale Support Group
Short Sales Pre Foreclosures Bankruptcy and More!
Short Sale Specialists & Pre-Foreclosure Education
Tags:
shortsales
short sales
bank of america
countrywide

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Rainmaker
443,050
Lana Robbins Realtor ® Licensed Real Estate Broker
Aloha Kai Real Estate - Clearwater, FL
Tampa Bay, Florida Real Estate

Hi Andy. Yes I have (in Tampa Bay) and some move faster with Bank of America than others. I am currently working on two pending short sales with BOA. One of them is running smoothly ever since the changes have been implemented while the other is not partly due to it having two mortgages. ~ Lana

Oct 26, 2009 05:48 PM #1
Rainmaker
703,858
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

This is great news.

I've done some short sales via RIOCentral.com and RES.net online portals.  They are a breeze.  More like an REO than a short sale.  It's about time.

Oct 27, 2009 08:35 AM #2
Rainmaker
239,215
Gene Allen
Resh Realty Group - Virginia Beach, VA
Realtor Hampton Roads Real Estate

Working on the buyers side of Bank of America and I wouldn't give you a buck fifty for them.  Not sure if the listing agent didn't do something right or what but closing was supposed to be yesterday and now we don't know when it will be.  Apparently the "final" HUD had to be in BOA hands 72 hours before closing.  Almost impossible with as slow as they are to respond.  So everytime something was not right on the HUD it has to be changed and guess what, your 72 hours start over again.  Will let you know at Xmas.

Oct 28, 2009 01:29 PM #3
Rainer
127,421
Dan Quinn
Prudential PenFed Realty - Silver Spring, MD
Dan Quinn

Gene cracked me up - "Will let you know at Xmas...".  Sometimes that is the way it feels.

Andy, I haven't done any short sales here with BofA recently.  I look forward to reading more about the experiences of other realtors who have used this new streamlined procedure.

 

Nov 03, 2009 01:47 PM #4
Anonymous
LDebuhr

I am a buyer who is trying to purchase a short sale. The title company agent is doing all the ground work on behalf of the seller with this new REO program from BOA.  So far it has worked great in the sense that she can check it daily to see what new "requests" they have for the seller and buyer.  Just got a request on Friday for a couple pieces of information that she said could have stopped the whole transaction had she not known they needed them and in what time frame.  Hope this speeds up the process!

Nov 10, 2009 10:39 PM #5
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Rainmaker
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Andy Tolbert

Orlando Waterfront Homes for Sale
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