Short Sale – WHAT?! You’re selling this loan mid-approval??!
Regularly I list short sale properties; with the right coordination of efforts, constant contact with the bank, preparing the Buyer to wait an extended period of time, and knowing what I believe the bank will accept or reject tends to lead to a successful closing. A particular short sale has been ‘in process’ with Bank of America for about 2 months using the Equator system. I have found that if you prepare your documents prior to request in Equator you can move the process very quickly. In two months we have been HAFA approved, BPO and appraisal completed, and moved to negotiation. We have a strong buyer and, in fact, this Buyer is a realtor who works for another broker in Richmond. She is willing to wait… but what I found out about two days ago blows my mind.
It appears that Bank of America has sold this loan to a servicing company. The details are unclear but what my initial research is finding out is that the short sale process must start over again. Furthermore that the HAFA third party BoA uses is not the same as Specialized Loan Servicing.
It seems odd to me that BoA has sold this loan. But according to SLS this is a normal process for them. And they believe regardless of where we are in the short sale process we must start over. Why? No one at SLS really knows, and BoA won’t discuss the account any further.
It never ceases to amaze me how BoA runs their business behind the scenes. In fact, I feel ashamed to have my personal and business accounts with them because I know they really don’t do the “right thing” when the times get tough. While I am one who doesn’t like overregulation by the government, I do think it’s about time that someone come and straighten these guys out. Enough is enough from BoA. I believe it’s time to stop passing the buck and start taking responsibility.
Tyler Rackley
804.545.4458
Greater Richmond real estate agent
