Successful Short Sale With BOA

Sample of Get BOA Short Sale Successfully

We actually got a short sale approval on Friday, 3/12/10. They cut the commission of the realtors down to 5% from 7% and had a few other minor things they wanted. So far, they haven’t asked for anything crazy to close the loan. We learned of this approval through an email sent in the Equator system. BOA has an estimated closing date of 4/30/10.

Now…I am not getting excited because I expect nothing but trouble out of BOA. We could close immediately because the buyers are paying in 100% cash. Let’s see if BOA can get their act together.

I told my realtor that the debt from the short sale has to be forgiven or I will not agree to the short sale. The house is in CA, which is a non-recourse state. Both loans are original, so the most they can do to us is foreclose and report to the credit bureaus. I am interested to see what type of run-around we get.

Some advice for Successful Short Sale With BOA

I am a Realtor and have recently closed on two BOA short sales.When you do a Short Sale With BOA,You have to be very patient with them. They usually take anywhere from 4-7 months to get approval. DO NOT ASK THEM TO ESCALATE THE FILE!! This request will actually give the newly assigned negotiator another 30-45 days to work your file. There are 3 Phases which your file will pass through.

Always ask customer service for the supervisor’s name, they do give it to you. You will have much better luck getting updates through them! Never leave messages, its a waste of time. Email works sometimes. Some negotiators just will never respond and you have to call the call center for updates.

Phase 1 (minimum 60 days),Verification of all paperwork.

Phase 2 (45-60 days),Updates and asks for updated information, ie bank statements. Submits to Investor for approval.

Phase 3 is the Post Closer. You already have your approval at this point and they request the final hud from the settlement company and give you the wiring instructions.

If your offer is a little on the low side, be sure to send them some comparables of houses outside your area, but in the same zipcode. You may also want to send them a letter about all the updating and work your house needs and that is why the offer is low. You can update me with the name of the negotiator, I may have worked with them before.  Do make sure they have all the paperwork!! And send them updated bank statements every month! They will ask for them anyway.

I never used the equator system. I started my short sales before May (one settled in December and the other in early February). I faxed in everything and faxed them a few times to make sure they received them (10 pages per fax!). Good luck! I think the most important part is to let the buyers know it will take much patience on their part. If they walk, don’t let BOA know right away, wait for another offer to come in and replace it.

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