Bank of America is one of the largest banks around.
I have been very successful at getting Bank of America short sale Approved. Regardless of property condition It feels like every 3rd short sale I have has either a 1st or 2nd mortgage or both with them.
One thing you need to understand is that Bank of America only owns about 4% of there entire portfolio that they service. They are really a loan servicing company.
Bank of America’s goal is to net there investor the maximum amount of return.
How Long Does Bank of America take to Process a Short Sale
My experience has been the following:
- After an offer and complete short sale package is up loaded into Bank of America’s equator System- 3-5 Days for an Appraiser or Bpo to be ordered
- After Bpo or Appraisal are complete expect at 20-45 days based on loss severity to get an acceptable pay off or sales price..
- Expect at least 2 or 3 counter offers
- 1-2 months to close from the date of Short sale approval letter.
- I recommend staying in the property during the whole process.
——My goal is to get you the homeowner more time in the property and full release of any liability and deficiency.——
Most Agents don’t have a strategy when they are doing a short sale. Don’t let some Rookie throw a Hell Mary with your life!
I have a game plan! Not only with Bank of America but with all of the Major Banks, Wells Fargo, Chase, Aurora, Ocwen, and
Everyday I’m seeing homes foreclosed on by Bank of America and do you know what every agent tells me and there client? The bank didn’t want to work with us. Bull S_ _ _t! They just didn’t know how to show Bank of America the true value of the property.
I won’t let that Happen to you!
Contact me Today! Get your questions answered.
{ 1 trackback }