Bank of America has just announced a new process for approving short sales. When the homeowner makes the decision to sell their home due to a hardship, documentation can be submitted to Bank of America right away and they will order an appraisal and set the list price for the home. They are committed to continually reviewing the list price with the listing agent to make adjustments if needed. Once an offer is submitted, the goal of Bank of America is to get final approval within 2 weeks! Wow! Of course, it may take longer if there are other parties involved but still...that's a tremendous improvement over previous experiences with Bank of America.
Since they have been using the computerized system (Equator), I am happy to work with Bank of America homeowners for short sales. The process has been very efficient but when they start the process before getting an offer, that will make it even better.
It is recommended that homeowners in this situation use an experienced short sale agent. With the Certified Distressed Property Expert designation, I have help 18 families to avoid foreclose over the past few months. On today's seminar, I learned that Bank of America services approximately 25% of all mortgages. It's great to hear that they are making progress toward making this an easier journey for distressed property owners.
In the past I've had trouble with Wells Fargo short sales but just last week, I had the quickest closing of all short sales yet - and it was with Wells Fargo. And, the owner wasn't behind on his mortgage payments. He was however, facing a hardship because he moved to another state and bought a house, without selling this one first.
GMAC Mortgage has been very proactive on a listing I have for one of their mortgage holders. The negotiator sends an email every 2-3 weeks to see if I've had any showings/offers. She actually ordered a new appraisal after we had gone several weeks with no showings. As soon as the price was reduced, we got an offer. We are still waiting for final approval but it should be coming in the next week or two!
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