A short Sale change announced by Bank of America
A short Sale change announced by Bank of America
I wanted to re-blog Pam's post on Bank of America changes on short sale. This is great information to keep in the event you have a BOA short sale. You should also familiarize yourself with Equator.
Bank of America
Short Sale Process has new guidlines!
Bank of America sent out an e-mail post informing agents who participate in short sales through Bank of America of changes in their system. I wanted to share this with you incase you are a Seller considering a short sale and you are a Bank of America Customer. This is also important for agents to know whether they are contemplating negotiating a Bank of America short sale for one of there clients, or whether they had done Bank of America short sales in the past, but have not done one recently.
Hopefully this will make the procedure more uniform for all the negotiators. I have done many Bank of America short sales (all successfully) and have found a descrepency in the procedure. I am looking forward to smoother transactions.
Agents Asked to Submit Homeowner Documents for Bank of America Short Sales
Bank of America continues to improve the short sale process and recognizes that the timely upload of homeowner documents is critical to reducing processing times.
To improve the collection of these documents, agents should take the following steps:
1. Upload the following required documents, on behalf of the homeowner, to the online short sale processing system as soon as possible:
Note: These documents should be uploaded to the processing system's document library as agents will not receive a task indicating that this information is required. For more information on uploading homeowner documents view the Short Sale Hardship Documentation Guide.
2. Call Short Sale Customer Care at 1.866.880.1232 to confirm that these documents have been uploaded, and to answer any questions about the homeowner's hardship.
As a reminder, a third party authorization letter, certifying the homeowner authorizes the agent to communicate and facilitate the short sale on their behalf, must be submitted as part of the "Upload Third Party Authorization" task. Bank of America is unable to discuss the short sale with the agent unless this authorization has been submitted.
If the homeowner prefers to personally upload these documents, he or she should call Short Sale Customer Care at 1.866.880.1232 to gain access to the customer portal and receive further guidance on completing the homeowner tasks.
Agents and homeowners should be aware that once documents are received and reviewed, additional hardship or financial documentation may be required before a decision is received.
Allowing agents to provide necessary documentation is one way Bank of America is continuing to streamline the short sale process. Learn more about short sale improvements and access educational materials in the Online Real Estate Agent Resource Center at bankofamerica.com/ realestateagent.
Thank you for your continued partnership as we help distressed homeowners together.
THIS BLOG WAS BROUGHT TO YOU BY:
Pam Crawford, ABR,e-PRO®,CRS,CDPE,LMC
Owner, REALTOR®, Managing Partner, MBA, BSBA
RE/MAX Professional Associates
(508) 885-5556
(774) 272-2608 cell
(508) 784-0503 fax
e-mail: PamCrawford@CrawfordRealtyTeam.com
www.PamCrawford.com
www.CrawfordRealtyTeam.com
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