Bank of America Short Sales - Smarter than a 5th Grader?

This post falls into the 'Are you smarter than a 5th grader' category. Here are three recent examples of a broken system that needs some attention. I am certain the higher ups truly want a solution of sorts to protect their bottom line.


But the painful truth is the system many of the banks are following just blows. I know that sounds so unprofessional to say it that way but all too often lately the arrogance, ignorance and complete disregard for the fact that we are working with people, families and some in such despair they have lost all hope.

Example 1: Recently after months of negotiating, files being lost by the bank, resent, lost again, BPOs (Broker Price Opinions) ordered multiple times we finally get an approval letter delivered to us from the bank. It allowed exactly 6 business days to close the sale. Absolutely impossible so we tried contacting them immediately assuming it was an error. For the days prior to the expiration of their short approval the negotiator never responded to our voice or emails. The day after it expired finally someone responds. They tell us the file was closed due to non-compliance since we missed the close date they required and we would have to resubmit all over again. When we noted we made over 15 calls and emails to them about this the negotiator said sorry that is just the way it is.

Example 2: Another file in review almost 7 months after no responses to any of our requests for updates we finally get an email from the assigned negotiator. She asks for changes to the offer and terms that require we speak with all parties to the contract. The rub here is that after 7 months of our waiting and their ignoring our requests for updates the negotiator states 'you have 72 hours to respond and 'agree' or the file will be closed'. Now how at all is that productive? I understand they need to manage turnaround times but it is completely unacceptable for them to take over 7 months to respond and then expect everyone else to move at light speed.

Example 3: The bank responds to our offer and requests an additional $5,000. We ask if the buyer will agree to pay $5,000 more and the appraisal allows it will they accept that? The negotiators response was that she did not believe it was the buyer's responsibility to make up the short sale shortfall and she would not allow it. Our response to her is the bottom line should be the only important factor here. The seller does not have the cash and the buyer is willing so what is the problem? She holds her ground but now she is no longer looking at the bottom line in my opinion she is allowing her ego into the picture. The truth is the bottom line should be the only focus not that some 'point' be made by pushing on the seller when it's not needed.

All three of these examples are from Bank of America. I believe if the supervisors had any real understanding of what was going on they would be more available to help solve these. But sadly we only see these issues on the rise. Good luck out there and be patient as often that patience will get you through and help you help the homeowner(s).