Monday, October 5, 2009

BOA short sale update….how they work

I submitted 2 files at the same time. One file is being placed with a phase 2 negotiator already, but the other file has had several issues. They closed out the file for no reason other than to tell me the offer price was too low. When I asked how they came to that conclusion (because I know a BPO was not completed) they quickly informed me they would re-open the file.

Here is a quick update on the phases:
Upload the documents to BOA – always CALL first and confirm where to fax. As the number does change from week to week.
Phase 1 negotiator – could take up to 15 days to assign, once assigned the phase 1 negotiator will review and make sure all the necessary documents are with the file and order the appraisal/BPO.
Phase 2 negotiator – once the phase 1 negotiator sends to phase 2 (takes 3-5 days to assign) then they review the numbers on the HUD and decide what they will or will  not pay.
Then once phase 2 is completed it will go for investor review and PMI review (if applicable)

How they work? This is still TBD. But I will say the process seems to have improved over the last several months.