Video 75: Bank of America is known for their slow short sale approval time. One of the reasons is the negotiators are way overworked. Bank of America really needs to hire more short sale negotiators, but of course that costs money so here I help BoA with a money saving activity. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.
{ 8 comments… read them below or add one }
Bank of America does not need help, they just have to put their negotiators to work, they do not do any thing, I have been waiting for an approval for 8 months and every 4 weeks they change the negotiator and start all over again. Their last story is that they were notified that the buyer walked away, I never said any thing like that and I am the the only one in contact with them and the buyers agent just told me that the buyer is still waiting for the approval. Is that an excuse to make the file inactive and not do the job? Never in theser 8 months a negotiator has bothered to answer a phone call or an e-mail. They are completely useless and they need to learn to work and follow the Code of Ethics of Bank of America.
I dont understand had Sr loan with Bank Of America approve and had to go and get Jr loan approve also with Bank of America, but they had send the Jr loan to Collection,. I did what they ask and got that approve after two years. ( being with this file for two years) Now they send me an email letting me know that the short-sale is on hold . because an ivestor is reviewing it. I dont know what that means, is it an inverstor wanting to buy the property? or an inverstor that owns the loan ???? Can they go back after they have there full approvals letters???i am the listing agent, But is it fair for those buyers that have waited for 6 months and they are almost done with there loan and ready for Docs/….. I dont think its fair at all!!!!! Can any body tell me anything related to Bank of America pulling something like this???
Here is my scenario
I submit an offer from Buyer (A), negotiator (A) works the file and 4 months later we get an approval for a specified price. Buyer (A) by this time has decided to move on to another property. We all know the scenario with BOA closing the file and starting over again. So I send an emailto Negotiator (A) to close the file. A couple days later Negotiator (A) calls me to ask why Buyer (A) walks, I let her know and she closes the file.
We now find a new buyer, Buyer (B). We submit the new offer from Buyer (B) at what the previously approved price was and we have Negotiator (B) working the file. After about 45 days we get a counter from Negotiator (B) on some minor stuff and after speaking with Buyer (B) this is acceptable. We log into the equator system to approve the counter offer from Negotiator (B). Two days after accepting the counter from Negotiator (B), Negotiator (A) finally reads the email sent to her about the previously opened file for Buyer (A). Negotiator (A) logs into the property which now has a file open with Buyer (B) and is assigned to Negotiator (B) and closes the file because the buyer, Buyer (A) walked.
So 45 days after I sent an email to her she gets around to reading this email and little known to her, she already closed this file out once previously. So BOA has no way to re-open this file, so we have to start all over again.
All i have to say after this is monkeys and footballs, monkeys and footballs.
Ben, I have not had that happen to me, but I have heard the story a lot. If it were me I would be yelling and screaming at the top of my lungs to everyone. I would get a jigsaw subscription for a month and email every one you can a short version of what you said above and I bet someone would be able to help. BoA seems to better at admitting when they make a mistake and trying to fix it, although sometimes it cant be fixed i guess
I am a buyer who is involved in a short sell. The listing agent has a lawyer representing them on this short sell which has been with BOA for ten months and now going to eleventh. I have received series of promissing emails on how BOA negovtiators are working on the file as well as that the file is waiting for few sign offs so as to approve the sell. Suddenly every thing died off as they continue to say that recently, they have been unable to reach the negotiator due to back log.
The is the craziest financial inefficiency I have ever seen, especially in USA. This is not even acceptable in the so called “third world countries” Will somebody tell me why BOA is so apathy about people future and dreams?
I am a buyer involved in a short sellwith BofA. My issue is that no one communicates. The selling agent, is living in the house we are purchasing, but is not the owner. We are now with the second negotiator, have signed all addendums needed after the appraisal was completed. We have now been waitng 45 business days fo MI appoval. Is this the normal turnaround for MI approval?
My additonal concerns are now that the selling agent is living in the house, she doesn’t want to move, so she may not be contactng the negotiator as often as she should be to put pressure on them. This process is taking forever, it is extremely inneficient.
Does anyone know how we can get the name and number of the negotiator if the selling agent won’t give my agent anything?
Patrick, that is a shame. Since I did this video last year I have seen BoA greatly approve and it is a shame that there are still some cases like that out there. I would say talk to your agent who represents you about your options.
Kristy, does that seem long yes, have I seen it that long before, yes. No, the only way you are allowed to contact a negotiator is if the seller shares it with you. Sorry.
I am so mad right now! We are selling our first home that is in KY, have to do a short sale because we are behind and can’t afford to pay for that house. Offer A was rejected because the offer was too low, below the “88% of the assessed value of the house”. A week later, we get Offer B. Since August 25th, this negotiator has had this offer, and what the hell is he doing with it? He has NEVER returned a phone call to me, NEVER returned an email. He hasn’t even contacted our real estate agent other than to say that Offer A was refused. I am SOOOO mad! Why can’t get get off his behind and do his job? What are they waiting for? Offer B is $125K, and they assessed the house at $128K, so they would get their 88%. I got his manager’s phone number and name, all I get is her voicemails too! AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!