Bank of America Short Sale & Common Sense
Please read the exciting note sent to Realtors who have negotiated short sales with Bank of America:
"As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist. This change will save you time by not having to repeat a number of process steps"
Why do I call it Bank of America Short Sale & Common Sense?
This should have been implemented 4 years ago! It is common sense that if a backup offer is in place and the original buyer cancels the contract that the process should NOT start over! When a backup contract exists the only additional paperwork Bank of America or any lender should request is a new purchase & sales contract and new preliminary HUD. Verifying the buyer and seller do not have any type of previous relationship may also be required.
Congratulations to Bank of America for finally figuring this out! The policy of closing a file when another buyer is under a backup contract never made any sense. Why would any lending institution want to waste tens of thousands of labor hours processing the same short sale file ALL OVER AGAIN.
But wait - there is more to this Bank of America Short Sale & Common Sense!
When No Backup Offer Is Ready
"This new process applies only if there's an available backup offer when a buyer walks. If you do not have a backup offer ready to be submitted, the short sale will be declined. In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer."
Other ways exist to have Bank of America accept a backup offer. In June 2011 a client of mine received a short sale approval letter right after the buyer walked. The buyer's agent found another buyer within one week for the same purchase price and the seller was quickly under contract again. I notified the lender's negotiator verbally of the situation. This individual who is employed at Bank of America happened to have common sense. We agreed that I request an extension & an amended short sale approval letter with the new buyer's name. The seller received both and we are scheduled to close at the end of July 2011!
Orlando Short Sale Realtor Thomas Staples & Common Sense!
How can I best take advantage of Bank of America's new policies?
Recently the local Orlando Multiple Listing Service (MLS) implemented a new status for properties called Active with Contract. Active with Contract allows a listing Realtor (the seller's Realtor) to continue marketing a property if any contingencies still exist on a contract. All short sales have the same contingency of requiring the seller's lender to approve the contract between buyer and seller. Other contingencies such as inspections are also relevant.
I now have the ability to continue marketing a property while it is under contract, quickly submit a backup offer if the first buyer walks, and close the transaction within 30-60 days after short sale approval!
Further information on this or any short sale process can be provided at (407) 619-6249. I have been serving the greater Orlando real estate market since 2005 and would be glad to help Orlando residents avoid foreclosure.
Required MARS Disclosure:
You may stop doing business with Thomas Staples & Charles Rutenberg Realty. You may accept or reject the offer of mortgage assistance we obtain from your lender or servicer. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us zero dollars for our services. Charles Rutenberg Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.