Good Experience with Bank of America Short Sales!

By
Real Estate Agent with RE/MAX Gold, Fair Oaks

I got good news today!  my two short sale listings with Bank of America as the first and second lienholders on both may be ready to go to escrow less than 30 days after submitting the offers on both to the Equator system!

The appraisal on the newest listing was scheduled within two weeks of Happy daythe offer being submitted, and all looks to be about ready to go to escrow as soon as they have done a final review of the hardhsip package. 

The other one had been through two previous buyers who dropped out after waiting months with no response form Bank of America, done the old-fashioned way, negotiating by fax and phone.  When this latest offer came in, I submitted it through Equator, and it was a different story. I got a counteroffer from B of A which changed nothing except to change the amount to be paid on the second to a smaller figure.  Of course we are accepting that!

checklistAs each assignment was given to me I completed it immediately, and that was followed within a day or two by another assignment or notice of the file moving forward.  Now that everything is being done on Equator, I have been fortunate to have really nice and helpful negotiators who have made the process enjoyable.


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Full time real estate services in Fair Oaks CA,
with friendly
professionalism,20+ years experience.

I work hard to give my buyer or seller a low-stress transaction.
 "Happy clients make me happy."

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Thinking of selling your home?  Remember, it costs you nothing for me to come out and discuss your home, the market in your area, and give you a market analysis and presentation so that you will know what you can expect to get for your home.

Call for appointment:  (916) 705-8951


Also Remember, if you are planning to buy a home, I can help you to tour any home for sale in Sacramento County and the surrounding areas, no matter what firm has it listed, and I can help you with your purchase if you find the perfect home for you.

Just give me a call at (916) 705-8951

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Susan Neal
Broker / Realtor

Susan Neal Fine Properties
RE/MAX Gold
Fair Oaks, California

Full time real estate services in Fair Oaks CA, with friendly professionalism, 30+ years experience. 
I work hard to give my buyer or seller a low-stress transaction.

"Happy clients make me happy."

For all your real estate needs or questions, call me at (916)705-8951 or visitmy website at www.SusanNealFineProperties.com.    

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Check out my business page on facebook:  Susan Neal Fine Properties

 

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California Short Sales, REO's, and Foreclosures
General - Everything Short Sales
Sacramento Real Estate
Short Sales Pre Foreclosures Bankruptcy and More!
Tags:
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Ambassador
1,927,506
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale

Susan- I certainly hope this is the trend. We are having the same experience with Equator. Katerina 

Mar 10, 2010 10:18 PM #1
Rainmaker
233,053
Barb Fischer
RE/MAX Hometown Realtors - La Mesa, CA

You lucky person! B of A foreclosed on my short sale after 8 long months of work.

Mar 10, 2010 10:21 PM #2
Rainer
5,038
Iliana Perez
Contracted Mortgage Loan Processor - Kissimmee, FL

Wow the Equator sounds like the new technology to use to get approvals faster from B & A. I am not sure what the Equator is but I would love to learn. I am interested in becoming a Real Estate Agent so I am just asking a bunch of questions. I hope you do not mind. :)

Mar 10, 2010 10:22 PM #3
Rainer
108,064
Ron T. Weems Jr.
Weems Real Estate Group/N.W.R.E. LLC - Marysville, WA

Nice to hear someone is trying to make short sales a better process.

Mar 10, 2010 10:23 PM #4
Rainmaker
536,378
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Susan,

Good to hear someone is having success with B/A. I submitted one on Equator today, I'm keeping my fingers crossed, after being left on hold for a very long time.

Mar 10, 2010 10:29 PM #6
Rainer
114,392
Renee L. Norton
Birmingham, AL

Congrats.  A buyer client of mine passed on a B/A short sale because the listing agents said it would take at east 60-90 to get a response.  They lost one buyer who waited over 90 days and finally moved on after no response.  I hope Equator is the answer!

Mar 10, 2010 11:21 PM #7
Rainmaker
486,444
Melinda (Mel) Peterson
Real Estate Cafe LLC - Medford, OR
The Naked Blogger 541-659-1620

Me too Susan!  Just had two offers countered by BofA, but both were minor.  I am liking the new system!

Mar 10, 2010 11:22 PM #8
Rainmaker
905,837
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Nice to get a short sale success story after all the horror stories, although I did have a great experience with the one deal I worked on from the selling side.  It was already approved and the bank even chipped in towards the termite.

Mar 10, 2010 11:25 PM #9
Rainer
116,495
Joe Libin
Veritas Funding, SLC, UT - Salt Lake City, UT
Veritas Funding NMLS #843779 & #252108

Susan - great post!  It's probably the first I've seen that B of A is doing a good job with the new system.  It's about time as we're still seeing the velocity of short sales increase.

Mar 10, 2010 11:35 PM #10
Rainmaker
583,238
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

Hi all, I just figured that with all the bad stuff being said about B of A short sales, I should let everyone know that I am having a good experience.

Mar 10, 2010 11:52 PM #11
Rainmaker
256,890
Kevin Cavanaugh
Keller Williams Hudson Valley Realty - Tappan, NY
Lic. Associate Broker, ABR, GREEN

Susan, I have been dealing with B of A on a short sale for the last six months.  Today the woman tells me about their Equator system and voila!  Why didn't they mention this 6 months ago?

Mar 11, 2010 04:23 AM #12
Ambassador
1,008,958
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Your buyers are so lucky to have an answer so quickly. I have been waiting over 3 months for a response from B of A on a short sale offer that was only $5,000 less than asking price!

Mar 11, 2010 07:15 AM #13
Rainmaker
583,238
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

Hi everybody - Thanks for your comments.  I know that the Bank of America negotiators are moving all of their short sales over to Equator, but apparently not all at once.  Here and there, negotiators are moving one here and there, but if you start out your short sale by going to Equator before you do anyhting else, you can get started properly and move more quickly. 

I would suggest that in your next conversation with a negotiator, ask if your file can be moved onto Equator without that causing a problem, as it should make things easier on the negotiator as well. Once you figure out how the website works, it is so much cleaner and easier, and it eliminates the need to pester the negotiator so often.

Mar 11, 2010 08:53 PM #14
Rainer
88,760
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Congratulations on the short sale Susan. BofA has been picking up their short sales lately, I hope it continues.

Mar 17, 2010 06:39 PM #15
Rainmaker
916,641
Tony Marriott
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Associate Broker, REALTOR

 

While B of A used to take forever to process Short Sales, and still take a healthy length of time these days, they are getting infinitely better since Matt Vernon came on the scene early this year.  

 

Jul 12, 2010 06:21 PM #16
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Rainmaker
583,238

Susan Neal

Fair Oaks CA & Sacramento Area Real Estate Broker
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