Bank of America Now Allows Initiation of Short Sale Process WITHOUT an offer!
I came across Mike's post about how Bank o America is now offering a way to initiate a short sale without having an offer and I just had to re-blog. This is a huge step to help out home owners that have no choice but to sell their properties short. It's awful that people have to lose their homes but I feel that anything that can be done to ease the pain and get them moving on with their lives is a good thing. I hope this program helps as many people as possible and I hope that your clients benefit from it. Read on and please leave comments on the original post by Mike Linkenauger.
Here is an email we received a little while ago regarding Bank of America short sale offers and the equator system. This is excellent news, and will hopefully aid in further streamlining the Bank of America short sale process.
April Technology Enhancements Drive Changes
to the Short Sale Process
Bank of America continues to improve the short sale process so agents can help homeowners avoid foreclosure. In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation. Starting in April, a series of technology enhancements are being implemented to improve the short sale process.
Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.Action Required:
Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.Action Required:
If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in the Equator system. The Submit Short Sale Offer task will reopen and a new offer must be submitted.Action Required:
Stay tuned for future communications and educational materials related to this series of technology enhancements.
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