Escalating Contacts: BofA, Chase, Wells Fargo etc.

Lately it takes forever to close a Short Sale. Does anybody know why it takes sooo long for a Negotiator to give an approval even if all documents are submitted and the Investor will get more money VS foreclosure? While it is still not helpful to escalate to a supervisor level and too soon to contact a CEO or AVP I am looking for any contacts of Short Department Management.

Edited: 06/26/2010 at 10:34AM

Scott Hubbard

Rehabber · Tucson, Arizona

1025 posts
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Icon_minipost Nov 18 '09, 06:07 AM

Originally posted by Kate Fomina

Lately it takes forever to close a Short Sale. Does anybody know why it takes sooo long for a Negotiator to give an approval even if all documents are submitted and the Investor will get more money VS foreclosure? While it is still not helpful to escalate to a supervisor level and too soon to contact a CEO or AVP I am looking for any contacts of Short Department Management.

Currently BOA is revamping their computer systems and will be utilizing REOtrans.com for short sales and REOs. Chase is also revamping their systems as well. Not sure yet if they are going to use a third party. If you have already submitted short sales to these lenders, I advise you to call the Home Retention/Loss Mitigation departments again to make sure your package is still in their systems.

Edited: 06/26/2010 at 10:34AM

Kate Fomina

Residential Real Estate Agent · San Francisco, California

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Icon_minipost Nov 18 '09, 06:14 AM

Scott, yes, the packages are there and we call them every day to check on the status, but they TAKE their time or just assign another Negotiator.

Edited: 06/26/2010 at 10:34AM

Marcus Mccray

Real Estate Consultant · Monrovia, California

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Icon_minipost Nov 18 '09, 07:17 AM

They are going to have BPOs done too. Every bank is different but I know BofA (Countrywide before) is one of the slowest. Do you already have an offer? If you don't get one in fast. If you do have an offer DO NOT submit another offer until you get an approval or denial of your first offer. Submitting another offer will send you back to square one.

I have extensive experience in dealing with BofA short sales when it was Countrywide during the change over. It took me months just to get to a negotiator! You just have to roll with the punches, call every day in the morning to check status, be nice to customer service it will pay dividends!

Edited: 06/26/2010 at 10:34AM

Kate Fomina

Residential Real Estate Agent · San Francisco, California

3 posts
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Icon_minipost Nov 23 '09, 02:05 AM

Originally posted by Marcus Mccray

They are going to have BPOs done too. Every bank is different but I know BofA (Countrywide before) is one of the slowest. Do you already have an offer? If you don't get one in fast. If you do have an offer DO NOT submit another offer until you get an approval or denial of your first offer. Submitting another offer will send you back to square one.

We have been working on Short Sales since 1995! So yes, we submit offer along with the rest of SS package. And we call every day to check on the status. But this year it has been just terrible!! SO SLOW!! Therefore I am trying to figure out what happened with the banks and what is the best way to close faster

Edited: 06/26/2010 at 10:37AM

Jesse Sung

Commercial Real Estate Broker · san francisco, California

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Icon_minipost Nov 26 '09, 03:09 PM

the SS nightmare drags on.... I've been involved in 1, and that has been 1 too many.

Edited: 06/26/2010 at 10:39AM