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Bank of America Is Changing Their Short Sale Process - Approval In 10 Days!

Reblogger Rita Fong

Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

January 20, 2011 12:41 PM

This is a blog from my dear friend, Kay, from Springfield MO. If you are a Bank of America loan home owner, and going through some financial crisis, it may be good news for you to read this.

I also have a pre-approval from Wells Fargo in 24 days, for more details, feel free to give me a call and I will be glad to discuss with you further more.

Bank of America Is Changing Their Short Sale Process - Approval In 10 Days!

As a Certified Distressed Property Expert (CDPE), I sat through a live broadcast with Alex Charpen and a representative from Bank of America.

Bank of America is working to accelerate their short sale process by working before the home is marketed. Setting a price, working with the seller to make sure they qualify for the short sale.

The process starts with gathering necessary paperwork from the seller, appraising the property to determine market value, submitting the results to the Mortgage Insurance company, and finally to the Investor for approval.

Once the short sale is approved, they will work closely with the listing agent, monitoring the price and activity until they receive an offer.

Then when the offer is presented to the bank, all they have to do is give final loan approval within 10 days.

Having closed a large number of short sales in 2010, Bank of America knows they need to work harder this year to save more homes from foreclosure.

I'm ready to try out the process....just waiting for the next Bank Of America distressed seller to call.

Bank of America Is Changing Their Short Sale Process - Approval in 10 days will be so much better than the old process.

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Kay Van Kampen is a Certified Distressed Property Expert specializing in short sales and a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Greene, Christian and Webster Counties in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com. If you would like a free list of homes for sale in this area/neighborhood, would like more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.

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RE/MAX Solutions www.kayvankampen.com

Springfield, MO, 65721

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Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

that's interesting news. So, basically, it is doing everything before it even hits the Market...

Jan 20, 2011 01:49 PM

Rita Fong

RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR

Realtor - Marion Arkansas Homes for Sale

Jon, it is actually very good. Wells Fargo gets on it real quick as soon as the home owner contacted me and he sent everything to them and I followed up on my part. I priced it before they sent the appraiser out, and the appraisal is in the same ball park of my listing price when it comes back. They gave us the pre-approval in 24 days, I take that!! It gives me much more control of future possible offer, know to accept or how to counter.

Jan 20, 2011 02:04 PM

Wanda Kubat-Nerdin - Wanda Can!

Red Rock Real Estate (435) 632-9374 - St. George, UT

St. George Utah Area Residential Sales Agent

Now THAT process would be worthy of the short sale name! I'm all for streamlining the process Rita.

Jan 20, 2011 02:09 PM

Rob Thomas

Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN

Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Good Morning Rita.....I'm glad you re-posted this ....I need to send it to one of my clients this morning.
Hope you have a great day!---Rob

Jan 20, 2011 10:19 PM

Liz Wallace

Century 21 Sherlock Homes - Rockville Centre, NY

Broker C21 Sherlock Homes, Rockville Centre, LI, N

Thanks for the post Rita I have a new agent who is listing a short sale and Bank of America may drive him out of the business. They are the worst ever. I just sent this to him.

Jan 21, 2011 02:25 AM

Wanda, I have one with AHMSI, they are making me tired. That's one of the reasons I have not been on AR too much the last few days. My mind was so worn out, I am totally had nothing to say and write.

I hope the short sale system is going to get standardized very soon!

Jan 21, 2011 04:54 AM

Rob, Great! I am glad this may help your client. This is very encouraging indeed.

Jan 21, 2011 04:55 AM

Liz, me too! As I left the comment after Wanda above, AHMSI is wearing me out. Short sale is named wrong for sure, lol. I hope your agent the best of luck and get some things done very quickly.

Jan 21, 2011 04:56 AM

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good to know. Now if all banks have the same policies , short sales will not take so long to sell.

Jan 21, 2011 10:56 PM

Gita, I sure hope so, too!

Jan 22, 2011 02:12 AM

Bank of America Is Changing Their Short Sale Process - Approval In 10 Days!