Short Sale Approved in 29 Days!
B of A short sale approved in only 29 days–A New World Record?
Whether it is or not, I was pleasantly surprised throughout the experience with B of A. We submitted the short sale package via their automated Equator system on 7/28/10, and received official approval to the short sale request on 8/28/10! Escrow closed just over 30 days later.
Sometime last summer, B of A began accepting short sale requests strictly online through www.Equator.com. No more faxed submissions, where we always had to wonder if all the pages went through. No more instances of the file being “lost” … or tossed for being “incomplete”. It’s a new world, and doing short sales with this system is easy and painless.
I still called on the telephone now and then to make sure progress was being made, and experienced pleasant surprises during that process as well. The person who answers the phone actually helps you on the spot! No lengthy hold times; in fact none at all. You call them, they answer the phone, and they help you! (I apologize for the exclamation point, but I have done all too many short sales where nothing was easy or pleasant.) At least with B of A, that seems to be a thing of the past. All is forgiven.
The appraisal was scheduled within 2 weeks, and I figured a week afterward would be a fair time to call in for an update. I telephoned within 4 business days instead, and was surprised to be told that something was a little behind schedule there, so the person I spoke with “accelerated” it. That was the best lesson I learned:
Call to check on the progress a little sooner than you think you should, and you will likely keep the wheels of progress moving even more smoothly.
Let’s hope all the lenders doing short sales will follow B of A’s business model, and everyone will benefit. (And I also hope for world peace.)
At any rate, thank you, B of A! Check out their informative document, B of A Short Sale Milestones.