Bank of America has recently developed instructional videos for listing agents that are working with short sale sellers. The title of the videos are below:
Initiating a Short Sale
This is the step where the agent creates an account in the Equator system, (online processing system used by banks). This is also where one can determine if the homeowner can use the HAFA (Home Affordable Foreclosure Alternatives Program) program.
Uploading Documents
This step seems obvious, but for agents that are not used to doing their own transaction work, there are extra steps that should be taken before submitting the homeowner’s hardship paperwork, purchase contract to the system. This is a more crucial step than most realize since if it’s not categorized correctly could really hold up the process.
The Valuation Process
This is where the value is determined, but if you get this far, then it’s a good sign, since it means the first 2 steps were done correctly. Who would think that submitting paperwork could be so involved?
Offer Analysis and the Investor decision
This is usually the most important step because there is almost always more than one party that needs to approve and negotiate the homeowner’s situation. This is also the most frustrating part, because an agent could only summarize the terms to make this step easier, and it is otherwise, totally out of our hands, how it is dealt with when it comes to all the parties weighing the numbers on how the outcome affects their position.
Closing a Short Sale
This part is the best part if you’ve made it this far, but it does involve more time saving steps for the listing agent to eliminate closing delays.
For some agents, it’s easier to hire a “short sale negotiator” to work through these steps of processing the short sale. Two years ago, this instruction was not available, so hopefully with a more educated industry, we can help homeowners avoid foreclosure and get through the steps in a short sale with Bank of America.
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