We talked last month about how Bank of America’s new partnership with Equator was supposed to speed the short sale process, at least for loans that aren’t government backed. Apparently, it’s working.
On May 3, I submitted an offer to Bank of America via Equator for one of my short sale listings. Five days later there was an appraiser at the front door to check the value, an absolutely unheard of turnaround time.
This morning we received a response; it’s a counter offer so there’s still work to be done, but still … in the span of 22 days we received an answer from Bank of America, heretofore the most difficult lender with which to work on a short sale.
If you ever wonder why I’m at RE/MAX, a decent portion of the answer is founder Dave Liniger. He worked behind the scenes with B of A and the Treasury Department to kick the bank in the ass and it looks like it’s paying some dividends.
And that should give hope to those holding a Bank of America mortgage and facing possible foreclosure. A short sale isn’t the solution for everyone but if you fit the profile (and we can help you figure out if you do, along with your tax advisor), there’s hope. And that’s always a good thing.