Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityOne of the most popular online real estate communities consistently since 1998!


Virtual Homestaging at PadStyler.com


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtors Directory

Facebook
Sponsored Links
Top Posters (30 Days)
C21Mr.May 16
Vermont 15
David Hunter 14
Trouble 14
Z06Fanatic 13
sky's the limit 11
RonnieEmz 10
Lucky Leonardo 8
Daniel1234 7
Marksmith 6
YourAgentVon 5
miracle 5
rjlocal22 4
TheBPOExpert 4
Brandon Battle 4
Matched Content
Topic Options
Rate This Topic
#442823 - 01/27/15 07:01 AM Bank of America... How Long for approval??
916Realtor Offline
Member

Registered: 04/10/06
Posts: 80
Loc: Sacramento, CA
Anyone done a short sale with B of A lately? How long is it taking to get approval?

Top
Advertisements
#448677 - 11/06/15 12:07 AM Re: Bank of America... How Long for approval?? [Re: 916Realtor]
AlexJ Offline
Junior Member

Registered: 11/05/15
Posts: 1
Loc: Agoura Hills CA
Hi 916realtor,
I hope I'm not too late. I realize you posted this in January but I wanted to respond just in case you still were interested in knowing. I am working a few BofA short sales currently. I am not sure if you know this but Bank of America uses a short sale portal called Equator for agents to submit and process their short sales. You must have an offer, the HUD, the third party authorization and the BofA addenda (short sale addendum and Real Estate licensee certification form). Once those items are submitted it take about 24-48 hours to hear back from a processor. If all the forms are filled out properly they will initiate tasks for you to complete. The sooner they are completed the sooner you get your next task assigned. A BPO is then ordered and once that returns,the offer is reviewed and an offer task is initiated and that will let the bank know the minimum net they will get. They usually give you the 30 day time frame but I have seen it done in less time and sometimes in more time. It depends on a few different factors as not all loans are the same. Is it an FHA loan? conventional? There is no set timeline really but the general window of time if everything is smooth could be anywhere from 30 -45 days. Please let me know if you have any questions, I would love to help.
Alex

Top
#448741 - 11/08/15 11:42 AM Re: Bank of America... How Long for approval?? [Re: 916Realtor]
John_Myers Offline
Member

Registered: 08/09/12
Posts: 43
Loc: NM, USA
A lot of the time will depend on you and your seller. Submit their requests fast, they will give you a limited time to respond. If you don't respond in a timely manner, they will cancel your short sale and you must start over.

One of the most important steps in the process is the BPO or Appraisal. If you get an value that is too high and you will never sell the home.

If you do everything right and stay on top of things, 60 day approval.

Let things slide and you may never get an approval.
_________________________
Myers & Myers Real Estate






Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
ausboxgroups, vendmate, Wants To Learn, Kris Garcia, fincharesy
29269 Registered Users
Who's Online
3 registered (Brandon Battle, vendmate, ausboxgroups), 33 Guests and 5 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 27989186
No new orders today 13076962
Stupid MLS comments. 3251832
What do you know about Froy Candelario, top agent in USA 1170812
Stupid QC comments and BPO requirements. 1044402
New HUD Listing Brokers---Any Update? 1013780
Is there religious content in Buffini class? 808437
Let's talk about our cars 656379
Name that Flick. Great movie Lines. 593636
Pay it Forward - BPO/REO Tips & Tricks I & II 576260
Most common items found at an REO 553685
EML 459230
REOTRANS 429107
Main Street 404883
asset val seminar in colorado 399364
assist 2 sell or 1 percent realty? 329976
Evalonline 300066
HOMONYMS - There, Their, and They're 299036
Land America 285049
Mainstreet 261858
Agent Directory

real estate agents

Featured Member
Registered: 01/27/07
Posts: 2993

How To Advertise Here


This site presented by RNC Internet Services