Bank of America short sale tips
BOA, BofA, Bank of America…names acronyms, no matter how you say it, they are one of the biggest servicers in the country. I mean they must be doing something right if Warren Buffet is investing so much money in them. The problem is when you are THAT big, you have big issues. Bank of America doesn’t have the best reputation in the short sale industry, but over the last year, I’ve witnessed small attempts by BofA to clean up their nasty image.
I don’t PREFER working on Bank of America short sales, but they are a necessary evil. BofA uses a system called Equator that is rigid and automates the short sale process. Is that a bad thing? Only if you have a problem with your short sale. You CAN and eventually will get it corrected, but when you’re working with a larger servicer, things take longer.
My tip this week comes from the foreclosure side of the process with BofA. This year, we’ve stopped MULTIPLE BofA auctions on properties. For agents newly starting to negotiate short sales, when you accept the listing and collect all the homeowner paperwork, TAKE the authorization and make sure you not only upload it to Equator, but also fax it to BofA’s foreclosure department. If your property is into the auction stage of the process, the foreclosure department at BofA does NOT have access to Equator and you will need to get the authorization to them to talk to them. The short sale negotiator may tell you the auction is cancelled but you MUST call the foreclosure department to verify and I would also call the trustee’s office. When submitting your paperwork into Equator, also submit the authorization VIA FAX to the foreclosure department. It takes 24 to 48 hours to image into their system.
This should assist you if you have any issues with finding out if an auction is truly canceled. DON’T TAKE WHAT THE NEGOTIATOR SAYS AT FACE VALUE. CONFIRM CONFIRM CONFIRM.
BOA – Foreclosure line 1-800-669-6650
BOA – Foreclosure FAX LINE 800-520-5019 – FAX YOUR AUTHORIZATION HERE
Good luck. Most of my BofA sales as of late have taken 60-90 days, which I’ll take any day. I’ve SEEN the 18 month short sales first hand.