Due to our volume of business with Bank of America we frequently get asked approximately how long it takes us to process a short sale with Bank of America or BAC Home Loans Servicing, LP and, like most lenders, who have a very large volume of short sales (which is most) Bank of America’s time frames vary greatly based on many different factors. For one, they had 450,000 short sales last we were told and that means that for a regular offer going through without any special handling it feels a little like going through a pin ball. It’s hard to say how long the whole process will take. Different investors have different tasks and that is why even at the beginning not all investors could directly be implemented into their all new online system that they partnered with called equator. That definitely took off at a bumpy start and and has continued to change trying to find the right formula between notices and tasks assigned to all the parties. At this time just the letter of authorization process of the file submission could take 7-10 days alone which once used to take 24-48 hours. Really every step along the way can vary and there are no exact time frames but the one thing to note is that ever step has a time frame it must be completed in. What happens when the negotiator doesn’t keep to those time frames… well that is another story for another day.
Our direct processing group at BAC Home Loans Servicing, LP can help with that. Just the authorization process we spoke about above alone can be expedited with something as simple as a phone call and quick review of the file where you instantly unlock the next tasks. Imagine that as every step can take time and there can be over 95 internal tasks for the bank to complete the whole process and that can take months in the wrong hands (which includes that it could be in the wrong negotiator’s hands as well as the wrong real estate professional’s). Generally it should take 45-90 days even in the right hands and we feel we can help you improve your bottom lines. Files taking 4-6 months or more have gone far longer than they should have and it is important to reign in all the parties to find out what is taking so long. We have frequently stepped into these situations where the buyers and sellers have been dragged around for months and our direct processing group, which is a part of an internal short sale management group at Bank of America, have been is able to resolve of 95% of challenges involving disputes sometimes as silly as awarding closing costs to a qualified buyer (FHA, VA or Others).
Absolute Consultant Group(ACG) along with a partnership with Bank of America’s Management have put together a winning program to escalate files quickly and to expedite short sale approvals. When even the bank is working in your favor it’s hard to lose. Working with the right team that does Short Sale Processing for a profession and not just part time can get your sale completed efficiently especially when time is of the essence.
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