|Posted by rue8395blog on August 15, 2012 at 12:45 AM|
There are a lot of rumors that Bank of America is difficult to work with when it comes to short sales. We have extensive experience dealing with Bank of America and we can honestly say they've come a long way. In 2009, they were antiquated and unorganized dealing with the short sale process. Recently they migrated from the old fashion methods of fax and paper to the electronic online method. Contrary to the horror stories we've heard from other agents and homeowners, our experience was and has been very positive.Uploading all the files our Bank of America negotiator requested goes a lot smoother via their online portal. The most cumbersome part is usually collecting the documents and waiting for document collection agent to analyze docs. Fortunately, the document collection reps are for the most part more concerned with the clarity and format of copies than anything else. On some properties the asset manager did come back with a counter offer and others not. We've heard that they always do, but we would also like to dispel that rumor. For more info, Check short sale orange county When the Asset manager did counter our highest offer, they were usually quick to respond, and it wasn't long before we had a written short sale approval in hand.The closing agents with Bank of America are usually also very helpful. If needed, an extra couple of days to close escrow is usually granted very easily from this closing agent. Now the closing agents usually call to check in on things. They are now clearly directed from upper management to expedite the short sale process. What impresses us most was how quick to respond everyone was on their end. Now we do need to point out that we have extensive experience dealing with Bank of America and with the whole short sale process in general. Those agents that venture into the realm of short sales will find that it redefines their whole job description and may easily fall victim to the process. But even so, the reputation that they "takes forever" and is "difficult to work with" is something that hasn't rung true for us, based on the many successful closings we've experienced from 2010 to the present.From list date to closing, the entire Bank of America short sale process took about 4 months. From date of submission to written approval, it took about 2 months. We kept everyone engaged (seller, buyer's agent, buyer) with weekly updates via email. Throughout the whole process keeps the status with updates up to the minute with the online portal. They also allow you to utilize the portal for seconds and HELOCs, streamlining the entire short sale process. Many of previous clients can attest, it is typically a smooth and painless process. Make sure to analyze out my blog,by pushing here!