Short Sales Procedure for Bank of America

Before contacting a Real Estate Agent to list your house as a short sale, you can begin the process by contacting your lender.  Following is a collection of links for mortgage loans through Bank of America.  Bank of America uses an automated Internet based system.  Once an offer is accepted, the Listing Agent enters the information into the site.  Decisions are forwarded in the matter of hours, to a couple of days.  This has greatly decreased the amount of time lenders take in reaching a decision on a short sale.

http://issuu.com/mattkuchar/docs/bank_of_america_short_sale_package_for_equator.com

https://shortsale.bankofamerica.com/

Local mediation serves and additional information can be found on the following site.

http://www.ez1realty.net/1039711.html

If you contact a mediator, make certain they are local, and registered on the official HUD site.

http://www.hud.gov/offices/hsg/sfh/hcc/fc/

There are advantages of knowing short sale procedures.  A short sale may be your last chance of saving part of your credit rating.  Although your credit score will still take a hit, it is not as bad as waiting for a foreclosure to take place.  Credit scores take into account late mortgage payments, as well as credit cards, utilities, and other payments.

The main concern is the waiting period before you can obtain a loan to purchase another house.  With a successful short sale, the wait is a few months to about 2 years.  A foreclosure may cause a wait from 5 to 7 years. 

This is why it is important to choose a Real Estate Agent, who will take your sale seriously.  One of the biggest problems I see with short sale listings is the lack of pictures.  Many buyers will not consider a home without interior pictures.  Before deciding on an Agent, make sure you check out a number of their existing listings.  Check the description and quality of the pictures.  Check the listings against other listings, to make sure the information is complete and accurate.