Archive for April, 2012
Summerlin Short Sales with BofA are getting shorter…Really?!
Posted on April 18, 2012 04:36 PM by Doug Yates
Bank of America (BofA) has been making huge strides in their performance in approving short sale transactions in Summerlin. The bank has actually changed a lot of their internal procedures to help the homeowner, buyer and both realtors “close” the deal in a more timely manner. However, what I must say to those who think the bank makes all the decisions and makes their own time frames, they’re simply wrong.
I have learned through this catastrophe of banking and legislative incompetence over the past couple of decades that most banks are servicing the majority of the loans for the Note Holder (investor) who actually holds the mortgage note. Simply put, BofA has almost NO authority to make the decisions on behalf of the Note Holder. BofA has it’s hands tied 90% of the time. Only 10% of the time does the Note Holder give BofA the delegated authority to make the final decision for our Summerlin Homeowners. This also applies to our neighbors further south in Mountains Edge. And we wonder why “short sales” are not very short. When I hear that a bank is working to improve their timelines and become more “streamlined” with the arduous task of true efficiency, I dig a little deeper to see where the truth lies.
BofA, over all, has been a slow progress, yet steady, with their short sale processes for Summerlin and Mountains Edge homeowners. Many realtors find tremendous help when utilizing a short sale processing firm like CSSP to process the file and increase their odds of closing the deal. Buyers and Homeowners are more comfortable when knowing the agent has a processing team behind them to ensure a successful outcome.