Bank of America Makes Another Policy Change for Short Sales

Earlier this week I received an email from Bank of America about Bank of America short sale policy. I briefly looked at it and thought HA. Then I thought hahahahha. And I went on to do other things. That's because when I receive an announcement from Bank of America about a short sale program change or implementation, I know it will be a couple of weeks to a couple of months before it is instituted.

But this particular email was strange in the way it was worded. It said due to agent responses, Bank of America was making a change that is very detrimental to short sale agents. It made me wonder what kind of response did they get? What kind of short sale agent would ask Bank of America to make her life more miserable than it already is? We are not masochists in the short sale business, even though other agents might disagree with that assessment.

Bank of America said it was shortening its window of opportunity to slip in a new buyer when an old buyer cancels. How is shortening that window beneficial to anybody, much less to the short sale agent?

Bank of America will now give an agent only 8 days to find a new buyer when an old buyer cancels. It used to be 14 days. Maybe it was a typo? Or, maybe that change wasn't based on agent feedback after all.

This Sacramento short sale agent would prefer that Bank of America leave a file open for at least 30 days after a buyer cancels. That's because the BPO is still good for another 2 months. And sometimes properties are stigmatized when a buyer walks away. Others worry what's wrong with it when there is nothing wrong with it, and it can take 30 days to find another buyer. Why should the seller have to suffer and start over?