(04/24/2012 – Comments have been disabled for a short period due to inability to provide responses at this time. Please refer to existing comments and responses for reference. Thank you!)
There are a lot of rumors flying around that Bank of America is difficult to work with when it comes to short sales. So when I took on a listing a few months ago for a Bank of America short sale (both 1st and 2nd liens), I was preparing for several bumps and delays along the way.
Although I had successfully completed all my short sale listings in the past, the last time I did one with Bank of America was before they migrated to the Equator platform online.
Contrary to the horror stories I’ve heard from other agents, my experience with Bank of America was actually very positive.
Uploading all the requested files via Equator was quite simple and straight forward, in my humble opinion. The more cumbersome part was actually collecting all the documents from my client, as they were often out of town and not able to transmit documents to me right away. Fortunately they were always prepared and very thorough whenever their documents were sent over, so that helped speed things along.
Yes, Bank of America did come back with a counter offer. I’ve heard that they always do, so that wasn’t a surprise. They were quick to respond to our counter offers, and it wasn’t long before we had a written short sale approval in hand. I was fortunate to also have them waive their right to pursue a deficiency judgment after completing the short sale, which is not always a sure thing to get.
The closing agent with Bank of America was also very helpful. We needed an extra couple of days to close escrow, and that was granted very easily from this closing agent. He even called me to check in on things. Very courteous.
What impressed me the most was how quick to respond everyone was on Bank of America’s end. I would have responses from Bank of America via Equator within minutes sometimes. We were very lucky.
Now I do need to point out that Bank of America held both the 1st and 2nd liens, so negotiating this whole short sale was much easier than if I was dealing with Bank of America and another lender. But even so, the reputation that Bank of America “takes forever” and is “difficult to work with” is something that didn’t ring true for me, at least based on my latest short sale closing with them.
From list date to closing, the entire short sale took about 4 months. From date of submission to Bank of America to written approval, it took about 2 months. We kept everyone engaged (seller, buyer’s agent, buyer) with weekly updates via email — a courtesy I picked up from another listing agent on a short sale I completed previously where I represented the buyer. I’m surprised that more agents don’t do that, even if there’s no new update. I’d rather hear from them that there’s no new update rather than hear nothing at all for weeks. But that’s just me.
So that’s my story with Bank of America short sales. Who knows, I may have a less positive experience the next time around (which will likely be within the next month or so). But now I know that it’s at least possible to complete a short sale with Bank of America without much hassle.
For more info on Bank of America short sales, or just short sales in general, feel free to contact me.