I was on the phone with one of Bank of America’s short sale negotiators last week and she informed me of some “big” changes coming to the short sale process.  Bank of America claims to want to shorten the process to 20 days.  I am all for it.  We certainly can get it done on our end.  The problem lies on the bank side.  And here is why it will never happen.  Both Wells Fargo and Bank of America have increased their paperwork requirements, become more nit picky about what is being submitted and they have high turnover among their short sale representatives.  The reality is that until the bank empowers their agents with decision making authority, streamline the process and get qualified people in place,  nothing is going to change.  If I were you I would continue to expect it to take 4 to 8 months to close a short sale.  They just can’t seem to do it any faster.  Good luck Bank of America.  You have a lot of work to do to meet that lofty goal.

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