Bank of America & Countrywide Short Sale Update

Well, Bank of America & Countrywide have all but 100% solidified themselves as the country’s most difficult bank to do a short sale with.   I spoke to an agent last week who has had a complete file in with them for 3 months and still no BPO has been ordered.

90 days is supposedly their time from contract to close, not just to get a BPO (brokers price opinion or mini-appraisal).  I have not had that much difficulty with BOA/Countrywide but they are certainly one of the toughest lenders to work with.

When asked why they are such a nightmare to deal with I was given this answer 6 times in 2 days – (obviously they were highly trained to answer this one)  “We are the largest bank in the country and therefore are processing more short sales than any other bank.  Due to the large number of deals we are working on it is natural that our deals may take a little longer.”

Or do you think it’s the fact that you ask agents to fax 10 pages at a time?  On a 75+ page fax I’m supposed to stand there and fax just 10 at a time???  And the reason why is they say when other faxes come in it can screw up the line and even though it says the fax went through on the agent’s end it may not have on their end.

What?

Does that even make any sense?  So instead I’m supposed to fax 10 pages at a time, which will then open up the line for Joe from Texas’s 10 pages?  Then Sally from Mississippi’s 10 pages?  Then my 10 again?  If you don’t even have a sophisticated enough fax machine that can handle a 10 page fax who in the world is going to collate 50 different agents 75+ page faxes of 10 pages each and make sure that john’s philadelphia short sale doesn’t get confused with my arizona short sale?

Are you kidding me?

Ok, I’m done complaining about them.  It’s just that I’ve been doing this so long and have heard the craziest stories from them and still do and it absolutely floors me.  To be honest I get a bit of a laugh out of it all, especially considering the fact that I don’t do one thing they actually tell me to, I do it all my way.  And how about this, it actually gets done!

There are agents in town that won’t even take short sale deals if the lenders are BOA or Countrywide.  That’s fine with me — we still plan to get them done!

Call us at (480) 241-4406, visit our Arizona Short Sale Realtor website at http://www.AzHomeHelp, or stop by the fax machine….we’re probably there, faxing 10 pages at a time….

Related posts:

1. Bank of America Short Sale
2. Countrywide hit with lawsuit
3. Bank of America Approval in less than 30 days!!
4. Bank of America Short Sale System – Equator
5. Bank of America Short sale process speeding up..