(Short Sales and Bank of America) Due to their large volume of delinquent loans, Bank of America has usually been one of the most difficult Short Sale lenders with whom to negotiate. First you had to deal with their required software system – “EQUATOR”. Then Bank of America always seemed to lose the documents submitted, which had to be downloaded again and again. Finally, once a real negotiator was assigned to review the short sale contract, you had to call or email ten times to hopefully receive one reply.
What a difference a few months make!! Bank of America has now become one of the better short sale lenders with whom to negotiate. Equator’s work documents are not lost, in fact you can track exactly what your next task is, and negotiators actually call or email on their own.
Strange but true, we have actually obtained a short sale approval from Bank of America in less than 30 days; from initially downloading the contract to obtaining the short sale approval letter. Although the normal time for a short sale approval is typically two to three months at a minimum, maybe this is a sign of the future. If the time for approval of short sales could be reduced to no more than two months, then more buyers would be available to take advantage of short sale opportunities.
PS – Unfortunately, even with Bank of America as well as most other Lenders, there are still many times when the Short Sale approval drags on way too long.