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.
Bank of America wants to streamline the short sale process to 20 days
About the Author: JOHN DANIEL
John is a well-rounded individual with multiple degrees in business, science, and medicine. Currently, John holds a California Brokers license and has founded Daniel Realty and Investments, considered to be a premier specialty Real Estate Brokerage firm that customizes its approach to its clients’ needs. Daniel Realty and Investments excels at Residential Real Estate Sales in Saddleback Valley as well as Residential Multi Unit properties for investors. John’s primary goal is to maximize clients’ wealth through careful planning and strategic decision making. Contact John today to learn how he can help you.