An article in today’s Washington Post suggests that short sales are becoming easier to close. Before everyone gets all excited, take a look at this excerpt from the article:

Bank of America opened a short-sale call center last year. And the bank hopes to launch a pilot program within 30 days that would shrink to one week the time it takes to have a specific short-sale offer approved, Sunlin said. Under the program, prospective sellers apply to Bank of America to get preapproved to pursue a short sale in general, then go back to the bank for approval of specific offers as they come in. The program will initially focus on borrowers who fail to qualify for a government foreclosure-prevention program, he said.

“If they have come to the conclusion that there is no possible workout, they should contact us as quickly as possible,” Sunlin said.

So Bank of America is going to launch a “pilot program”? I’ll believe it when I see it. Call me a skeptic, but right now, our short sales in process with Bank of America don’t seem to anywhere close to getting approved one week from today, let alone 1 week over all!

The article is certainly worth a read, but remember that it’s written mainly for owner occupants who are looking to buy a short sale, not from the perspective of investors. Nonetheless, I’d love to hear your opinions about this.



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