Sunday, January 24, 2010

More reading on Bank of America

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I've found more interesting stuff in regards to Bank of America.  This post, regrettably titled (a little inflammatory, but has generated a bit of interest) "Bank of America Retard Division for Short Sales" talks about what seems to be a systemic issue at BofA with their Short Sale processing (or lack of).  Reading through the comments, skipping over the ones that are disappointed with his use of the word retard, provides many other stories of failures through their process.

One reason why I reference this article though is that it mentions that BofA does seem to be a little better in processing Short Sales where they are second on the title.  However, a little bit better from crappy is not necessarily a good thing in many cases....but we will find out.

I do find it rather ironic that on Bank of Americas website (click here to see) they try to make the process sound so simple:

Once we have received a copy of the signed purchase contract:
* Within approximately 2 days of receiving the faxed documents, the customer or agent will receive confirmation of the received purchase contract. If the offer is possibly viable, an interior appraisal will be ordered.
* Within an additional 3 days an appraiser will be assigned, they will contact the customer or their agent to schedule an appointment to conduct an interior appraisal.
* Approximately 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by us. This is absolutely dependent on obtaining access to the property in a timely manner.
* Upon receipt of the appraisal, we will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
I think the key thing is in the first line of this, "Once we have received a copy" as it seems the hardest thing to do is to get them the copy of these documents.  As we have seen already, and as others have mentioned in various posts, just getting the documents faxed in using their "system" can be a 3-4 week process.  Our Realtors are now two weeks into this and still do not have a confirmation that BofA has received the documents, the rest of the timelines don't start until they do.  Hopefully we'll have some progress this next week.

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