How I was able to speed up a short sale with Bank of America
A month back, I wrote a letter to the Bank of America CEO Brian Moynihan seeking assistance with an overlong short sale saga involving his bank.
The short sale had gone through eight negotiators, three buyers, and two foreclosure postponements for nine months and counting without a resolution.
On the same day that the letter was received, a woman from Moynihan’s office called me, asking me to fax the documents and promising to assign the short sale to a senior short sale negotiator to expedite the process.
A month after that phone call, the short sale has still not been decided and is being acted upon slowly. So much for the so-called “Senior Negotiator.” I don’t feel that the file has been given any priority handling, despite the attention from the CEO’s office. It feels like nothing is different from the way a regular negotiator would handle the file.
I am frustrated and close to providing this story to the media. If the CEO cannot do anything about his employees, who can? Any suggestions are appreciated.
Update: Yesterday, I emailed the senior negotiator’s supervisor, CC’ed the CEO, and mentioned that my story would make a good media story. The supervisor called me instantly, clarifying the situation and saying she has instructed the senior negotiator to finish the task today. The file will be decided the next business day. Since then, the senior negotiator has been in contact with me via phone and email today to move the file forward for a decision. I am very grateful and happy that my short sale request has been prioritized.
Update: The following week, the short sale was approved without any promissory note or upfront cash from the seller. It took less than two weeks from the time the Sr. Negotiator received the file to get it done. I am delighted to end my ten month short sale saga with a clean approval. By the way, the Sr. negotiator was pleasant to talk to and made me feel like my file was the only one she is handling – which is sssoooo good.
Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: Bank of America Short Sale, Brian Moynihan short sale, how to speed up a short sale.