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We where " " THIS close to closing on a short sale in which the first lender is BOA.
When they accpted, they asked for a close by Nov 30th, but the second lender did not approve it until just beforre thanksgiving. Needless to say, the closing did not happen before the 30th.
The realtor asked BOA for an extension, but was told tha as of Dec 1st 09, BOA started moving all their shortsale process online, so we will not be able to get any changes until they finish up moving the whole upload is complete.
Hmm, hadn't heard of this myself. Closing one with BofA on 12/20 but have been in regular contact with the assigned negotiator and she didn't mention a thing.
Did they say when they would finish moving things to their online system?
Hmm, hadn't heard of this myself. Closing one with BofA on 12/20 but have been in regular contact with the assigned negotiator and she didn't mention a thing.
Did they say when they would finish moving things to their online system?
They did not say how long it will take, but sent a copy of the email to our loan processor as well to make them aware of the 'hiccup'.
We are prepared to wait, it is just unnerving that we where almost there, and were planning on packing up this weekend.
Yes, they are moving their short sales to ReoTrans, which will be renamed equator as of the first of the year. In the long run it should make them more efficient...but for those of you with deals in process, well, I just hope you don't have to start over.
Yes, they are moving their short sales to ReoTrans, which will be renamed equator as of the first of the year. In the long run it should make them more efficient...but for those of you with deals in process, well, I just hope you don't have to start over.
Does anyone know if the move to Equator has improved BofA's short sale process? I've just made an offer on a short sale property that has a first with BofA and a second with a small credit union. Due to some rather complicated circumstances, I need the offer to either be accepted or countered within the next 20 days. If I don't know one way or the other by then, I'm going to need to back-out and forego my earnest money.
Does anyone with experience with BofA see any chance of my getting a first response within a short time frame under this scenerio?
Does anyone know if the move to Equator has improved BofA's short sale process? I've just made an offer on a short sale property that has a first with BofA and a second with a small credit union. Due to some rather complicated circumstances, I need the offer to either be accepted or countered within the next 20 days. If I don't know one way or the other by then, I'm going to need to back-out and forego my earnest money.
Does anyone with experience with BofA see any chance of my getting a first response within a short time frame under this scenerio?
We are doing two right now and it was 30-31 days when we got their terms. From offer to close will be just over 90 days. I think 20 days is totally unrealistic and you should never have offered on a short sale with that kind of time line.
Does anyone know if the move to Equator has improved BofA's short sale process? I've just made an offer on a short sale property that has a first with BofA and a second with a small credit union. Due to some rather complicated circumstances, I need the offer to either be accepted or countered within the next 20 days. If I don't know one way or the other by then, I'm going to need to back-out and forego my earnest money.
Does anyone with experience with BofA see any chance of my getting a first response within a short time frame under this scenerio?
Why do you think you would you need to forgo your earnest money? You don't not have an accepted contract yet. Are you working with an agent? They should be explaining all this to you.
We are doing two right now and it was 30-31 days when we got their terms. From offer to close will be just over 90 days. I think 20 days is totally unrealistic and you should never have offered on a short sale with that kind of time line.
Thanks for the comment Silverfall! 90 days from offer to closing is encouraging.
I made the offer because I want the property and didn't want to miss the opportunity. I won't regret making the offer even if I lose the earnest money... it seemed like a chance worth taking... and still does. If I have to stretch out for another 10 days the situation that is driving my need to know if the bank has accepted, I might be able to work it out. Just not much longer than that or I may miss out on another opportunity that is more of a sure thing.
Anyway, I was really just wondering if BofA has gotten any faster with their responses.
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